Apple climbs after Wall Street earnings expectations, Business Insider

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Apple climbed as much as 2.6% following its earnings report on Tuesday.

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Insider Markets

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Apple soared to 2.6% following its earnings report on Tuesday.

Source [19659005] Markets Insider

Apple's shares climbed 2.6% off trading hours on Tuesday after the tech giant's earnings report surpassed Wall Street's expectations.

For the third fiscal quarter, Apple reported $ 2.34 per share on $ 53.3 billion in revenue. The Street was expected at $ 2.18 per share and $ 53.31 billion, respectively.

iPhone sales are slightly lower than the forecast of 41.6 million units, to 41.3 million over which is generally Apple's slowest quarter for phone sales.

The services business – one of its fastest-growing units including Apple Music and the App Store – grew 31% in the same quarter in 2017, reaching $ 9.55 billion.

"We are delighted to announce Apple's best quarter ever, and our fourth consecutive quarter of double-digit revenue growth," said Tim Cook, chief executive officer of the company. Apple, in a press release. "Our third quarter results were boosted by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services available."

Apple is engaged in a race with Microsoft, Amazon and other mega cap stocks to be the first $ 1 trillion company. Based on the number of shares outstanding at the close of Tuesday, a $ 203.45 price could put Apple past the key milestone. He still has about $ 10 per share, or 2%, to go.

The company's shares are up 13.44% since the beginning of 2018.