“Apple reported fiscal third-quarter earnings on Tuesday that beat analysts’ expectations, and revenue that topped estimates, as it sold more iPhones than expected,” Anita Balakrishnan reports for CNBC. “Despite expectations for a ‘lame duck’ quarter ahead of the iPhone 8 launch, Apple sold 41 million iPhones during the quarter, surpassing 1.2 billion total iPhones sold.”
“The company also hit a major goal, as the App Store drove Apple’s Services division to a record high, the size of a Fortune 100 company,” Balakrishnan reports. “‘If you look at the products, we sold 41 million iPhones but frankly it’s better than that because we also reduced channel inventories by 3.3 million,’ CEO Tim Cook told CNBC’s Josh Lipton on Tuesday. ‘If you look across the world, we had several markets in Asia, in Latin America, and the Middle East which grew more than 25 percent year-on-year. If you look at [iPhone] 7 in the [iPhone] 7 Plus, we grew strong double-digit year-on-year compared to the 6S plus a year ago. So iPhone was terrific.'”
“Shares popped [6.03%] after hours, reaching above [$159.10],” Balakrishnan reports. “Apple’s record intraday high is $156.65, so if these levels hold tomorrow morning, Apple will open at a record high, with a market capitalization of over $830 billion.”
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