Apple hits a record high after crushing earnings

Apple hits a record high after crushing earnings

Apple hits a record high after crushing earnings

Cook was speaking to analysts while announcing the company's third quarter earnings when he said the company had several upcoming projects in India including a manufacturing unit for the iPhone SE and an app accelerator centre.

The year 2017 marks the iPhone's 10th anniversary and the Cupertino, California-based smartphone maker is expected to unveil three new models to commemorate- two handsets with improvements and a third redesigned "premium" iPhone. This compares to the total revenue of $42.4 billion and earnings per diluted share of $1.42 from the same quarter of past year. was able to sell 41 million iPhones.

iPhone unit sales increased 1.55 per cent to 41m from the previous year but fell 19 per cent from the second quarter. This year's third quarter saw a net quarterly profit of $8.7 billion, or $1.67 a share, compared to $1.42 per diluted share last year in the same quarter.

The company sold more than 41 million iPhones during the quarter, which is right in line with analysts' prediction of 41.1 million units. Total revenue globally for the giant tech company is now 7 percent up year over year.

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Competition from local firms such as Huawei and Oppo, as well as dealing with China's strict censorship laws, have caused Apple to lose market share in the country.

"We reported unit and revenue growth in all our product categories in the June quarter, driving 17 percent growth in earnings per share", said Luca Maestri, Apple's CFO.

Apple could be looking at wider uses for its artificial intelligence research beyond the connected vehicle - at least according to hints from CEO Tim Cook during the smartphone giant's recent earnings call.

Despite being one of the biggest companies in the world, Apple continues to grow at an impressive pace.

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When it comes to Apple's guidance for the fourth quarter of fiscal 2017, the company expects revenue between $49 billion and $52 billion, and gross margin between 37.5 percent and 38 percent.

The return to growth territory for iPad followed the introduction of a more-affordable version of the 9.7-inch iPad shortly before the start of the fiscal third quarter, along with the debut of a new 10.5-inch iPad Pro model at WWDC in June.

"We've created 2 million jobs in the USA and we are incredibly proud of that", Cook said. Analysts had predicted revenues of $44.89 billion.

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