Apple Achieves Record June Quarter Revenue Despite Slight Profit Dip
Apple reports $53.8 billion in revenue for the third fiscal quarter of 2019, marking its highest June quarter ever. The company sees strong growth in services and wearables as it prepares for major product launches later this year.
Apple announces $53.8 billion in revenue and $10.0 billion in net profit for the third fiscal quarter of 2019, setting a new record for its June quarter. Although revenue slightly beats the year-ago quarter, profits dip due to a lower gross margin of 37.6 percent. International sales account for 59 percent of the quarter's total revenue.
The tech giant experiences all-time record revenue from its Services segment and accelerating growth in Wearables, alongside strong performance from the iPad and Mac. Notably, this is only the third quarter that Apple hides specific unit sales data for the iPhone, iPad, and Mac, forcing analysts to estimate actual device shipments based solely on provided revenue figures.
Looking ahead, Apple provides optimistic guidance for the fourth fiscal quarter with expected revenue between $61 billion and $64 billion. The company currently holds approximately $210 billion in cash and marketable securities, and its stock rises nearly 3 percent in after-hours trading following the positive earnings report.