Apple earnings beat expectations as it sells pricer iPhones

Apple earnings beat expectations as it sells pricer iPhones

The US tech giant unveiled quarterly results revealing that iPhone sales had jumped to 41.3m, a slight increase on previous year.

The $999-priced iPhone X is a major contributor towards this "average selling price" increase and it should be noted that this price range is expected to remain the same with the imminent launch of the 2018 iPhone series.

There are lots of things to expect from Apple's upcoming quarterly earnings to stay tuned for the latest.

Analysts on average expected Apple (AAPL) to post earnings of $2.16 per share, according to FactSet. Despite the more-or-less unchanged unit shipments, Apple's handsets brought in $29.9 billion in revenue, or an impressive 20% increase from a year ago.

Another bright point for Appleーrevenues from its services business, which includes its App Store, Apple Music, and iCloud.

Analysts were eager for news from the California-based company about how the company is riding out trade turbulence between the U.S. and China. But analysts expect that Apple will release three new models in the fall, to diversify its offerings and convince those who did not upgrade to the iPhone 8 or the iPhone X that it's time to buy a new phone.

The company generated $53.3 billion in revenue during the quarter ending June 30, compared to $45.4 billion during the same quarter past year. This translated to diluted earnings per share of $2.34, compared to $1.67 during the same quarter in 2017.

Amazon and Apple are busy battling it out to be the first company to reach $1 trillion
Amazon and Apple are busy battling it out to be the first company to reach $1 trillion

Apple, meanwhile, has focused more on services such as the App Store and its entertainment businesses as growth drivers.

Apple reported record services revenue of US$9.55 billion, up 31 per cent from a year earlier.

Apple's biggest selling products do not yet face duties stemming from the US-China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated.

"We're on target to reach our goal of doubling our fiscal 2016 services revenue by 2020", CEO Tim Cook assured investors on the call.

The company said it expected gross margins of 38 to 38.5 per cent in the fourth quarter, compared with analyst expectations of 38.3 per cent, according to Thomson Reuters data. The category includes AirPods headphones, the Apple Watch, Apple TV, and the HomePod. Apple also regained growth in China, where sales rose 19 percent.

Apple Inc. projected sales that beat analysts' estimates, suggesting consumers continue to snap up the company's high-end iPhones, digital services and wearable devices like AirPods and the Apple Watch.

The company's Other Products segment continued to see strong growth, with revenue up 37 per cent to US$3.7 billion.

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