Tuesday, March 20, 2018
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Apple results strong; record iPhone, iPad sales
Apple results surpass expectations in third quarter, with record iPhone, iPad sales
By The Associated Press

NEW YORK (AP) ' Apple Inc.'s results trumped expectations for yet another quarter, with iPhone and iPad sales setting new records.

Its stock surged $23.22, or 6.2 percent, to $400.07 in extended trading after the results came out Tuesday.

Net income in the fiscal third quarter, which ended in June, was $7.31 billion, or $7.79 per share. That's more than double the $3.25 billion, or $3.51 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $5.82 per share.

Revenue was $28.6 billion, up 82 percent from $15.7 billion a year ago. Analysts were expecting $24.8 billion.

The results were lifted by the sale of 20.3 million iPhones, millions more than analysts had expected.

IPad sales came in at 9.25 million units, also above analyst expectations. Last quarter, the company was struggling to make enough of the new iPad 2.

In other product categories, trends were less impressive. Sales of Mac computers were 3.95 million, up 14 percent from a year ago. That's the lowest quarterly growth rate in two years.

IPod sales were down 20 percent at 7.5 million, as the media players continue to lose out to iPhone and iPads. It was the fastest quarterly decline yet.

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