Apple Trades Higher On Q3 Earnings Beat; iPhone, China Sales Down From Last Year

Apple Inc. AAPL shares are moving higher after reporting third-quarter earnings.

Earnings came in at $2.18, beating estimates by 8 cents. Sales came in at $53.8 billion, beating estimates by $400 million. The company issued strong fourth-quarter sales guidance.

"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. "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."

Highlights

• Q3 iPhone sales $25.986 billion vs. $29.47 billion in the same quarter last year
• Services revenue reached new all-time high
• $21 billion returned to shareholders
• Greater China sales $9.157 billion& vs. $9.551 billion in the same quarter last year

Apple shares traded higher by 2.8% to $214.59 in the after-hours session. The stock closed at $208.78.

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