Earnings: Apple Yet Again Crushes Expectations
In this season of earnings results, many companies have begun dropping their latest quarterly earnings report and we’ve covered some. First was social media companies Snap Inc and Twitter, then electric carmaker Tesla and for some reason, these three delivered very positive earnings reports.
- Apple reported $81.4bn in sales in the quarter, up 36% year-over-year. Net income for the same period was $21.7bn, nearly double year-over-year.
- As always, the iPhone contributed the most to Apple’s revenue out of all the company’s products. iPhone sales in the quarter came at $39.6bn, up 50% year-over-year.
- Revenue from Apple’s Services segment has hit a quarterly record of $17.5bn. The segment includes stuff like the App Store, iTunes, Apple Pay, and Apple TV e.t.c. and is a major driver of growth for the company.
- Notably, Apple’s sales in the Greater China region (mainland + Taiwan & Hong Kong) were up 58% year-over-year while sales in the Americas were up 33%. It speaks of Apple’s business making strides and firing on all cylinders all over the globe.
- This is the nth quarter where Apple is crushing expectations with its quarterly results. The company is one of a kind, a giant one that’s yet still growing at a robust rate, the type of stuff investors love. It’s no wonder Apple has a market cap of $2.45 trillion, making it the world’s most valuable company.