Apple Posts Record June Quarter Revenue Driven by Services Growth
Apple achieves a new June quarter revenue record of $53.8 billion, fueled by all-time high services revenue and improved iPhone trends. The company also returns over $21 billion to shareholders during the period.
Apple announces record quarterly revenue of $53.8 billion for its fiscal 2019 third quarter, marking a 1 percent increase from the same period last year. International sales account for 59 percent of this quarterly revenue. CEO Tim Cook highlights that this achievement stems from all-time record revenue in Services, accelerating growth in Wearables, and strong performances from both iPad and Mac.
Despite the record top line, quarterly earnings per diluted share fall by 7 percent to $2.18. The company generates strong operating cash flow of $11.6 billion and returns over $21 billion to shareholders through a combination of share repurchases and dividends. Apple's board of directors also declares a cash dividend of $0.77 per share, payable to shareholders in mid-August.
Looking ahead, Apple provides positive guidance for its fiscal fourth quarter with projected revenue between $61 billion and $64 billion. Cook expresses confidence about the future, noting that the second half of 2019 promises major launches across all platforms, new services, and several new products. The company projects a gross margin between 37.5 percent and 38.5 percent for the upcoming quarter.