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Apple sees third quarter profit and revenue beat forecasts, fourth-quarter sales also top expectations

The tech giant reported a 1% rise in 3Q revenue to $53.8 billion and a 7% drop in earnings per share to $2.18, compared with expectations for $53.39 billion and $2.10 per share, respectively

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Apple said it expects revenue for the current fiscal fourth quarter of between $61 billion and $64 billion, compared with analyst's estimates of $61.02 billion

Apple Inc (NASDAQ:AAPL) saw its third quarter profit and revenue beat forecasts after the US close on Tuesday and the iPhone maker’s forecast for fourth-quarter sales also topped expectations.

For the quarter ended June 30, the tech giant reported a 1% rise in revenue to $53.8 billion and a 7% drop in earnings per share to $2.18, compared with expectations for $53.39 billion and $2.10 per share respectively.

IPhone quarterly sales fell 12% to $25.99 billion, broadly in line with expectations of $25.96 billion, while Services revenue rose 12.6% to $11.46 billion, a new record, but missed expectations for $11.73 billion.

China sales fell 4% to $9.16 billion, after declining 22% in the fiscal second quarter. Trade tension between the United States and China have weighed heavily on Apple because it has slowed down economic growth in the country.

Apple said it expects revenue for the current fiscal fourth quarter of between $61 billion and $64 billion, compared with analyst's estimates of $61.02 billion.

The company returned more than $21 billion to shareholders during its third quarter, including $17 billion in share repurchases and declared a dividend of 77 cents per share.

In after-hours, New York trading Apple shares were nearly 4% higher at $217.20.

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NASDAQ:AAPL
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