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With record $53.3 bn revenue, Apple eyes $1-trillion mark

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San Francisco: Despite slow iPhone sales, Apple is racing ahead to become the world’s first trillion-dollar company as it posted revenue of $53.3 billion in its fiscal third quarter — an increase of 17 per cent from the year-ago quarter.

International sales accounted for 60 per cent of the quarter’s revenue, the Cupertino-based giant said in a statement late on Tuesday.

Apple reported net income of $11.5 billion and operating cash flow of $14.5 billion.

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

“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,” he added.

The biggest $9.55 billion revenue came from Apple services (Apple Music, iCloud and Apple Care).

According to The Verge, the strong forecast could suggest that multiple new hardware devices are coming in the fall.

“Rumours suggest that up to three new iPhone models could be announced, while consumers are also anticipating a new version of the iPad Pro and a redesigned Apple Watch,” said the report.

Apple currently has a market cap of $935 billion.

“If stock continues to rise above 7 per cent, Apple could become the first trillion-dollar company at a price of $203.46 per share,” said the report.

Apple’s CFO Luca Maestri said that the company returned almost $25 billion to investors through its capital return programme during the quarter, including $20 billion in share repurchases.

Apple forecasts revenue between $60 billion and $62 billion and operating expenses between $7.95 billion and $8.05 billion for its fiscal 2018 fourth quarter.

(Agencies)

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