Technology

Apple announces Q3 Results with $8.7 Billion in profit, 12 percent rise

Tim Cook Apple
Apple has announced its Q3 results. The company made a profit of $8.7 Billion, a rise of 12% over the last reported data.

Tech giant Apple has announced its figures for the 3rd quarter of FY17. In the mentioned period, the profit of Apple rose 12% higher as compared to the same period last year. The company has reported a profit of $8.7 Billion in the quarter. After the announcement, the shares of Apple were trading almost 6% higher in after hours trading on the US stock market.

 

Apple’s CEO Tim Cook said that the company is in its “third consecutive quarter of accelerating growth” and has achieved “an all-time quarterly record for Services revenue.”

During the third quarter, which ended on Monday, the California-based company generated net earnings per share of $1.67, compared to the $1.42 it had achieved between May and July 2016, when it earned a total of $7.79 billion.

Apple’s total revenue reached $45.4 billion in this quarter, representing a seven per cent increase over the same months of 2016, when it managed to raise $42.3 billion.

Much of the revenue came from iPhone sales, which, with 41 million units sold between May and June, contributed $24.8 billion to that figure.

The revenue from services, which include the company’s digital content and the Apple Pay application, among others, reached $7.26 billion, showing a 21 per cent jump over the third quarter of 2016 when it was $5.97 billion.

Apple currently has $261.5 billion in cash, 94 per cent of which are outside the US. This figure is 13 per cent higher than that reported at the end of May, when it announced that it had about $256 billion.

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Kunwar Prithvi Singh Chauhan

I cover stuffs related to business and technology. I get absolute pleasure in traveling and knowing more about awesome things in the world.