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Apple smashes earnings expectations in last quarter

Apple shared their latest earnings in an investors call yesterday and the results were even better than expected.

The earnings report for Q3 2018 showed that revenue had risen to $53.3 billion, more than a billion dollars over expectations. This makes it the strongest third quarter performance Apple has ever experienced. Revenue is up 17% on the same quarter period from 2017

The biggest revenue jump came from an unlikely source – the services department. Including Apple Music, iCloud and Apple Care, the department helped increase their own revenues by 31% up to a record total of $9.35 billion.

Bumper Year

Apple Pay also enjoyed a bumper year recording over a billion unique transactions in the fiscal year and which has tripled in the year-on-year period.

CEO Tim Cook, said: “We’re thrilled to report our best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth.

“Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline”.

Trillion-dollar company

Analysts are now predicting that Apple could become the first ever trillion-dollar company if its shares rise to $203.46 each in the next quarter.

It is also predicting that it’s revenues will grow to between $60 and $62 billion based on expected sales of new iPhones, iPads and the new MacBook range.

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