Apple CEO Tim Cook announced a strong third-quarter Tuesday, saying the strong results were “driven by all-time record revenue from services, accelerating growth from wearables. We’re thrilled to report a return to growth and a new June quarter revenue record of $53.8 billion.”
Analysts had expectations of $53.4 billion. It also posted $2.18 per share, against analysts’ expectations of $2.10.
China is a wildcard for most businesses. Attempting to grow within the country and the ongoing U.S-China trade war has been a sticking point for most. Despite growing uncertainty, Apple has been weathering the battle on both fronts.
On the earnings conference call, Cook said, “The combined effects of government stimulus, consumer response to trade-in programs, financing offers, and other sales initiatives, and growing engagement with the broader Apple ecosystem, had a positive effect. We were especially pleased with a double-digit increase in services driven by strong growth from the App Store in China.”
MacDailyNews Take: Typical.
People tend to fear the worst. It almost never happens. – MacDailyNews, May 14, 2019
I’m cognizant that in both the U.S. and China, there have been cases where everyone hasn’t benefited, where the benefit hasn’t been balanced. My belief is that one plus one equals three. The pie gets larger, working together. — Apple CEO Tim Cook, March 24, 2018
At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment. — Thomas Sowell, June 14, 2006