Apple’s forecast hints at iPhone hopes
Apple Inc. on Tuesday projected revenue in the current quarter that topped analysts’ estimates, signaling strong sales of new iPhones scheduled for release later this year.
Revenue will be $49 billion to $52 billion in the three months through September, the Cupertino, Calif.-based company said in a statement. Analysts projected $49.1 billion.
New iPhones typically go on sale in mid- to late September, which produces a few weeks of revenue that are included in the company’s fiscal fourth-quarter results.
Some analysts had reduced their projections on concern the new high-end iPhone may be delayed, but Apple’s forecast on Tuesday calmed those fears.
“We’ve put everything we know into coming up with the guidance,” Chief Executive Officer Tim Cook said on Bloomberg Television. “We really like what we see for the beginning of the back-to-school season.”
Apple’s shares jumped more than 6 percent in extended trading Tuesday after closing at $150.05 in New York. That put the stock on course to open today at a record. Shares have climbed about 30 percent this year.
Apple reported fiscal third-quarter profit of $8.7 billion, or $1.67 a share. Revenue increased 7 percent from last year to $45.4 billion.
Sales in Greater China, which includes Hong Kong and Taiwan as well as the mainland, fell 9.5 percent from a year earlier to $8 billion. Excluding currency effects, sales on the mainland were unchanged, with the biggest declines recorded in Hong Kong, Cook said in an interview.
“The results were very encouraging,” he said. “We were down to having an issue solely in Hong Kong.”
The company sold just more than 41 million iPhones in the quarter that ended July 1, generally in line with the 41.1 million estimated by analysts, according to data compiled by Bloomberg.
Apple generates almost two-thirds of its revenue from the iPhone.