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

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

The company sold 41.3 million iPhones in its third quarter, generating revenue of US$29.9 billion.

Sales of the iPad were flat year-over-year, moving 11.5 million units, while Mac sales were down 13 percent, with only 3.7 million sold. Both iPhones have adopted the notched display Apple introduced with last year's iPhone X. The 6.1-inch model, rumored to be the least expensive iPhone Apple is introducing this fall, has a single camera lens on the back, while the 6.5-inch iPhone features two cameras. The company expects to see iPhone sales from July through September rise by 14% to 18% which would indicate sales between $60 billion and $62 billion for its most important product. In the last quarter, Apple's services made $9.5 billion, making it the second-largest business segment for the firm. And look out, Spotify: Apple Music grew over 50 percent since a year ago, as did revenues from the company's cloud services. The ASP is, however, down slightly on the previous quarter ASP of $728, but up on the year-ago quarter ASP figure of $606. In order to stay dominant at the top of the market, Apple has to find another mechanism to feed its shareholders the profit they demand.

Revenue grew 17% to $53.27 billion, which also topped a consensus estimate of $52.34 billion. It has also soothed investor concerns with a $US100 billion stock buyback program and promises of growth from services such as streaming music and video, where Apple faces competition from rivals including Spotify and Netflix.

Luckily, a long-underappreciated Apple division is coming to the fore: Services.

The company's value had surpassed $960bn (£731bn) before the results were released, and shares climbed.

But one of the categories potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers. -China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated.

"Apple will be the first company in history to reach this milestone, but others will quickly follow, notably Amazon.com, then Alphabet, which I forecast will arrive before Microsoft", predicts Ken Berman at Gorilla Trades.

Cook dismissed the need for record revenue during the call, saying that because the smartphone market is so vast, it doesn't matter if revenue dips or goes up 10%.

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

"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", Cook said.

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