August 21, 2017

Apple Stays Coy on iPhone 8 Launch

02 August 2017, 02:20 | Anita Wise

Tim Cook offered a master class in avoiding a Trump-related question

Apple's earnings report suggests strong iPhone launch

But while iPhones, Macs, and (gasp!) iPads also saw small gains in units sold, revenues from the company's Services category grew 22 percent in the quarter to $7.266 billion. Apple's projections for its next quarter of earnings would indicate a big iPhone launch this coming September.

Apple's net earnings grew to Dollars 1.67 per share from USD 1.42 a year earlier, and the company maintained its quarterly dividend at 63 cents a share.

For Apple's fourth fiscal quarter, it expects between $49 billion and $52 billion in sales with a gross margin of 37.5% to 38%. As an indication of that, iPhone hardware sales were down almost 20% quarter-on-quarter at 41 million units. On a sequential basis, 19% fewer iPhone units were sold during the fiscal third quarter compared to the fiscal second quarter.

XAutoplay: On | OffApple earned $1.67 a share, up 18% year over year, on sales of $45.4 billion, up 7%, in the three-month period ended July 1.

Average selling price for iPhones during the third quarter was $606, which is below the $628 expected by analysts.

Apple's stock spiked more than 5 percent on the news.

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This marks the first time Apple has experienced an increase in iPad sales in 14 quarters, likely due to the release of the well-received 10.5-inch iPad Pro, as well as the 9.7-inch iPad.

The growth came thanks in part to product debuts at the company's Worldwide Developers Conference (WWDC) in June, which should "extend [Apple's] competitive lead this fall and well into the future", CEO Tim Cook said during the quarterly earnings call on Tuesday. Services includes revenue from the App Store, Apple Music, AppleCare, and Apple Pay, among others. Last quarter, Apple's service revenue was $7.26 billion, up 20% from Q3-2016's tally.

Although a large percentage of Apple's revenue comes from the iPhone, the iPad posted impressive results. He also said the high number of rumors regarding the 10th anniversary iPhone have caused a "pause" in current iPhone sales, but added that it "probably bodes well for later on".

"Where that effects us in the short term, even though we had great results, probably bodes well [for] later on", Cook said.

It's a strong suggestion that the iPhone 8 will release in September as originally expected. IPad revenue rose 2 percent, to $4.97 billion, with 11.4 million iPads sold, which got the tablet back on track after three-straight quarters of either flat or declining year-over-year iPad revenue.

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