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Apple reports strong Q3 earnings, iPad sales a huge surprise

by Danny Zepeda | August 1, 2017August 1, 2017 2:45 pm PDT

Apple on Tuesday held its quarterly earnings call for its fiscal 2017 third quarter and it reported a healthy 7-percent growth over the same quarter last year.

The growth led to a $45.7 billion revenue during the quarter with $8.7 billion in profit. That’s a noticeable improvement over the third quarter last year when Apple reported $42.4 billion in revenue. The bump in revenue was thanks to iPad sales, which rose 15-percent over last year with 11.4 million units sold. That was largely due to Apple’s decision to release its cheapest iPad yet for just $329.

iPhones sales were also strong with 41 million sold during the quarter—a nice jump from the same quarter a year ago. Apple also sold 4.29 million Macs.

“With revenue up 7 percent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue,” stated Apple CEO Tim Cook. “We hosted an incredibly successful Worldwide Developers Conference in June, and we’re very excited about the advances in iOS, macOS, watchOS and tvOS coming this fall.”

The iPhone maker went on to reveal it returned $11.7 billion to investors and brought its cumulative returns to nearly $223 billion.

Apple also provided guidance for the final quarter in 2017. It expects to make revenue between $49 and $52 billion with a gross margin between 37.5-percent and 38-percent. Those figures should set up a healthy first quarter for the next fiscal year buoyed by the release of the next iPhone in the fall.

Apple

Danny Zepeda

Born and raised in Southern California, Danny grew up on a steady diet Pixar, Star Wars and Steven Spielberg movies. Unbeknownst to him, this was...

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