Apple stock rises after hours on blockbuster earnings report

Apple working on dual-Sim iPhone models

Apple (AAPL) reported its Q3 2018 earnings Tuesday, posting earnings of $53.3 billion revenue on $2.34 earnings per share.

Apple shares have climbed 12 percent since the beginning of the year, while the S&P 500 index is up slightly more than 5 percent.

But it missed Wall Street's target on phone sales, selling 41.3 million units compared to forecasts of 41.8 million units. Apple Chief Financial Officer Luca Maestri told Reuters that customers were buying costlier models and the $999 iPhone X was the quarter's best seller.

Sales rose 19% during the quarter, to $9.55 billion, in Greater China, where Apple gleans about 20% of its revenue.

The average iPhone selling price hit US$724, beating analyst expectations of US$694, according to data from FactSet. Sales increased 17% to $53.3bn, a new record for its fiscal third quarter.

Apple is expected to release three new iPhone models, including a less-expensive version that will feature the edge-to-edge display and Face ID technology made popular by the iPhone X.

Cupertino, California-based Apple said net income rose 32 percent to USD 11.52 billion, or USD 2.34 per share, beating the USD 2.17 expected by analysts.

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Apple is ever-so-close to becoming the first USA company worth more than $1 trillion: The company closed in on the magic number Tuesday in after-hours trading after posting better-than-expected results for its fiscal third quarter, which ended June 30.

iPhone shipments totaled 41.3 million, or an increase of 1% on the year.

Apple's best-selling products do not yet face duties stemming from the US-China trade disputes, but US President Donald Trump has threatened hundreds of billions of dollars in further tariffs on product categories not yet been enumerated.

In its financial results for the third quarter of 2018, the company posted a revenue of $53.3 billion, which is a 17 per cent increase on the same quarter a year ago.

Apple has repeatedly highlighted the growing amount of money it is taking in from music, applications, games, subscriptions and services it sells to people using its devices. Bloomberg reported that one reason for the high revenue is that Apple has been able to keep the average selling price of the iPhone above $700 for the third quarter running. Revenue from services was up 31% and revenue from other products was up 37%.

Apple's revenue gains mark the company's best June quarter ever, according to CEO Tim Cook, noting that it's the fourth consecutive quarter of double-digit revenue growth.

Apple's guidance towards fourth-quarter revenue is between $60 billion and $62 billion, way ahead of Wall Street estimates of $59.47 billion. The category includes the App Store, Apple Music, iCloud storage and Apple Pay.

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