Apple (AAPL) Tops Q3 EPS by 8c; Issues Solid Outlook

Apple (NASDAQ: AAPL) reported Q3 EPS of $2.18, $0.08 better than the analyst estimate of $2.10. Revenue for the quarter came in at $53.8 billion versus the consensus estimate of $53.39 billion. Product sales were $42.35 billion and services revenue was $11.46 billion.

“This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” said Tim Cook, Apple’s CEO. “These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.”

“Our year-over-year business performance improved compared to the March quarter and drove strong operating cash flow of $11.6 billion,” said Luca Maestri, Apple’s CFO. “We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares, and $3.6 billion in dividends and equivalents.”

GUIDANCE:

• Apple sees Q4 2019 revenue of $61-64 billion, versus the consensus of $61 billion.
• gross margin between 37.5 percent and 38.5 percent
• operating expenses between $8.7 billion and $8.8 billion
• other income/(expense) of $200 million
• tax rate of approximately 16.5 percent

For earnings history and earnings-related data on Apple (AAPL) click here.

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