Technology

Apple beats expectations in latest financial results

The technology giant could become a trillion dollar company if share prices rise in the wake of quarterly results.

Apple beat analyst predictions on revenue as it released its latest round of financial results, keeping on track to become a trillion dollar company.

The technology giant reported revenue of 53.3 billion dollars (£40.6bn), up 17% on the same period last year and above analyst expectations of 52.4 billion (£39.9bn).

The firm also reported net income of 11.5 billion (£8.76bn).

Ahead of the results, the iPhone maker was in a position to move past the one trillion dollar market capitalisation mark if it reported stronger than expected results that sparked a 7% rise in share price.

(Stefan Rousseau/PA)
Revenue from iPhone sales was 20% higher thanks to the price of the flagship iPhone X (Stefan Rousseau/PA)

Confirmation of such a result will not come until markets open on Wednesday, but chief executive Tim Cook said he was delighted with the figures reported.

“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” he said.

“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.”

One area where the tech was more stagnant was iPhone sales, which were only up 1% on this time last year – but revenue was 20% higher thanks to the price of the flagship iPhone X.

The services segment of Apple’s business – which includes the App Store and Apple Music – continued to impress too, with revenue up 31% to 9.5 billion dollars (£7.2bn).

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