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Apple Inc. shares surged 4% in extended trading after the company projected sales suggesting that consumers continue to buy the company's high-end iPhones even though the models updated are on the horizon.
California tech giant Cupertino projects fourth-quarter tax revenues of US $ 60 billion (242.67 billion yuan) and US $ 62 billion (250.76 billion reais). According to data compiled by Bloomberg, analysts were looking for 59.4 billion US dollars (240.24 billion yuan). The third quarter fiscal results also beat Wall Street expectations, pushing the stock up to US $ 198 (RM800), a record price if the increase holds up until August 1st.
Apple's stock rose 12% this before the results were announced – put the iPhone maker on the path to becoming the first US-based company with a market value from US $ 1 (RM4.04tril).
"These results and tips will boost investor confidence," Shannon Cross of Cross Research wrote in a note to investors. "We expect that the vast majority of Apple's product line will be refreshed over the next few quarters, which should support short-term results."
More than a decade after its debut, the iPhone remains Apple 's most important product, accounting for about 60% of the business turnover. While unit sales have recently slowed down, the company is building digital services and a series of other gadgets around the device. These new businesses, as well as the higher prices of the iPhone, have supported revenue growth.
Apple's fourth quarter fiscal outlook is closely monitored as it is generally the period when the company unveils new iPhones. The company is expected to launch three new phones later this year. This has increased Wall Street's expectations for more sales and profits.
The results "were driven by continued strong sales of the iPhone, Services and Wearables, and we are very excited about the products and services of our pipeline," said Tim Cook, CEO of # 39; Apple.
Third-quarter fiscal sales rose 17 percent to 53.3 billion US dollars (215.57 billion yuan), Apple said. Profit is $ 2.34 per share. Analysts expected a turnover of 52.4 billion US dollars (211.93 billion yuan) and a profit of 2.18 dollars per share.
The company sold 41.3 million iPhones in the third quarter, generating a business turnover of 29.9 billion US dollars (120.93 billion yuan). This is explained by a higher average selling price of US $ 724 (RM2,928), partly due to the iPhone X, which starts at US $ 999 (RMB 4,040).
Analysts were looking for 41.6 million iPhone units during the quarter, and an average selling price of US $ 699 (RMB 2,827), according to estimates compiled by Bloomberg News.
During a conference call with analysts, Cook said that the iPhone X was the most popular third-quarter tax iPhone, gaining market share worldwide.
Apple recorded a record business figure of 9.55 billion USD (38.62 billion RMB), up 31 percent from the previous year. Analysts forecast US $ 9.9 billion (RM37.21bil). The category includes the App Store, Apple Music, iCloud storage and Apple Pay. The company is working to expand these offerings with original videos and a news subscription service.
Cook told analysts that Apple is on track to reach its goal of doubling the Services business count by 2020. Paid subscriptions have now surpassed 300 million, he also noted.
Apple said its gross profit margin would be 38 percent to 38.5 percent in the fourth fiscal quarter, against analysts' estimates of 38.2 percent.
The Company's Other Products segment continued to experience strong growth, with revenues up 37% to 3.7 billion US dollars (14.96 billion RMB). The category includes AirPods, Apple Watch, Apple TV and HomePod headphones. Cook said wearables were a highlight of the quarter, with sales up 60% from one year to the next. Apple Watch had a record quarter with 40% growth, added the CEO. The company does not report the sales figures of the watch.
Apple said it had sold 11.6 million iPads during the quarter, up from 11.4 million a year ago. In March, Apple launched a new $ 329 ($ 1,330) iPad for students. He is also working on an improved Pro model with features of the iPhone X like Face ID, which could increase the sales of the device. – Bloomberg
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