Another quarter, another record for Apple. For the three-month period ending June 30, Apple posted its best third-quarter numbers ever, with revenue of $53.3 billion, a 17 percent year-over-year growth. Earnings per share came in at a whopping $2.34, up 40 percent from last year and blowing away analyst estimates of $2.19.
Now for the important numbers. In Q3 2018, which saw no significant product releases, Apple sold 41 million iPhones (about the same as last year), 11.6 million iPads (slightly more than last year), and just 3.7 million Macs (representing a 13 percent year-over-year decline). However, the new MacBook didn’t release until after the quarter ended, so Apple will likely make up that shortfall next quarter.
While Apple doesn’t break out iPhone sales by model, it clearly sold a bunch of iPhone X devices, as the average selling price was $724, more than $100 higher than last year and just $4 less than the prior quarter, which Tim Cook said was dominated by the iPhone X.
Speaking of next quarter, Apple expects to report revenue between $60 billion and $62 billion, which would represent yet another record. Last year Apple posted revenue of $52.6 billion in Q4. Perhaps more importantly, it gives some indication that at least some new iPhones will go on sale in September.
Apple posted growth in every geographic region, particularly in greater China. Apple posted a 19 percent growth for the segment after reporting a 10 percent loss last year.
In Apple’s “Other” category, which includes AirPods, Apple Watch, Apple TV, and HomePod, Apple posted revenue of $3.7 billion, a 40 percent year-over-year increase. Cook specifically called out Apple’s wearable products, saying that the record-setting results were driven by results were driven by “continued strong sales of iPhone, Services and Wearables” representing a 60 percent year-over-year boost. He also noted Apple Watch delivered a record June quarter performance, though he declined to offer any specific numbers.
Apple’s stock jumped over $5 on the news, inching ever closer to a milestone $1 trillion market cap. Apple would be the first company to ever achieve a 10-figure market cap if it reaches it soon, and after today's numbers it seems inevitable.