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Apple (AAPL) Tops Q3 EPS by 16c; Raises Outlook

July 31, 2018 4:30 PM

Apple (NASDAQ: AAPL) reported Q3 EPS of $2.34, $0.16 better than the analyst estimate of $2.18. Revenue for the quarter came in at $53.3 billion versus the consensus estimate of $52.34 billion.

The company sold 41.3 million iPhone units in the quarter, versus the consensus of 41.8 million. Service revenue was $9.548 billion versus $7.266 billion last year.

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

“Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion,” said Luca Maestri, Apple’s CFO. “We returned almost $25 billion to investors through our capital return program during the quarter, including $20 billion in share repurchases.”

GUIDANCE:

Apple sees Q4 2018 revenue of $60-62 billion, versus the consensus of $59.6 billion. Sees Q4 gross margin between 38 percent and 38.5 percent.

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

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