Apple quarterly profit leaps, market cap nears US$1 trillion
SAN FRANCISCO: Apple said its profit had jumped more than 30% to US$11.5bil in the recently ended quarter, besting market expectations despite selling fewer iPhones than analysts projected.
The news boosted shares in the tech giant in after-hours trading, putting it ever closer to a history-making, trillion-dollar market value, even as China’s Huawei knocked Apple off second spot in a tightening global smartphone market.
Apple’s revenue in the fiscal third quarter soared 17% to US$53.3bil from the same period a year earlier on the back of sales of pricier iPhones, online services and wearable devices.
“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” chief executive Tim Cook said in the earnings release.
Apple sold 41.3 million iPhones in the quarter that ended June 30, just shy of the 42 million figure anticipated by analysts.
Shares in the Silicon Valley-based technology titan rose 4.03% to US$197.95 in after-hours trade that followed release of the earnings figures.
“Apple gave the Street and tech investors finally some good news” beating earnings forecasts and predicting the current quarter will be strong, GBH insights head of technology research Daniel Ives said in a note to investors.
To hit the trillion-dollar market value, Apple shares would have to climb about 5% more.
Analysts were eager for news about how the company is riding out trade turbulence between the US and China.