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Apple inches closer to $1T market cap after record-setting third quarter

01 August 2018

Apple just reported its third-quarter fiscal earnings, and as we're used to seeing from the world's most valuable company, it was another excellent three months. The Street had expected $2.18 per share and $53.31 billion, respectively. The dividend is payable on August 16, 2018 to shareholders of record as of the close of business on August 13, 2018.

Shares rose 3.4 percent to $196.80 in after-hours trade.

Apple sold 41.3 million phones from April to June, a modest bump from the 41 million sold during the same period in 2017.

IPad sales were also up slightly, to the tune of 11.55 million compared to 11.42 million during the same quarter past year.

Apple's enormous cash pile actually shrank by $23 billion during the quarter, giving the company $243 billion in cash and liquid assets.

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Analysts had predicted that the average iPhone price would be $693.

"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.

Apple's revenue from "Other Products", which include AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch and other Apple-branded and third-party accessories, hit $3.74 billion, down 5 percent from the $3.95 billion from the previous quarter, but up 37 percent from the year-ago quarter figure of $2.73 billion.

Apple is ever-so-close to becoming the first USA company worth more than $1 trillion: The company closed in on the magic number Tuesday in after-hours trading after posting better-than-expected results for its fiscal third quarter, which ended June 30. Supply chain leaks suggest the company is preparing to launch a bigger-screen version of the iPhone X as well as a cheaper model.

iPhone sales came in slightly short of the expected 41.6 million units, at 41.3 million during what is typically Apple's slowest quarter for phone sales. Apple recently celebrated 10 years of the App Store and announced that it has paid $100 billion to developers. Analysts forecast US$9.2 billion.

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Apple has repeatedly highlighted the growing amount of money it is taking in from music, applications, games, subscriptions and services it sells to people using its devices.

He said the company has had a "stellar quarter in services" with an all-time high revenue of $9.5 billion which he attributed partly to the double-digit growth in active installed base. The company said it expects gross margins of 38 per cent to 38.5 per cent in the fourth quarter, compared with analyst expectations of 38.3 per cent, according to Thomson Reuters I/B/E/S.

Revenue from the app store, music subscriptions and other services grew 31 per cent to United States dollars 9.5 billion, a record for Apple.

Gross margin for the quarter was 38.3 percent compared to 38.5 percent in the year-ago quarter, with worldwide sales accounting for 60 percent of revenue.

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Apple inches closer to $1T market cap after record-setting third quarter