Buzz
With more than 41 million iPhones sold in the past quarter, Apple has achieved its best Q3 business results to date.
1. iPhone X Drives Apple to Record Profits
If there were any doubts about the success of the iPhone X, the Q3 business results just announced by Apple will dispel all skepticism. Apple sold a staggering 41.3 million iPhones from April to June, generating $29.9 billion in revenue. Apple's total revenue for Q3 is $53.2 billion.
The most significant figure not directly mentioned in Apple's report is the sharp increase in the average price per iPhone over the past year. The average selling price of an iPhone in the last business quarter was $724, compared to $605 in the same period last year.
iPhones remain the most crucial product line, contributing significantly to Apple's revenue. Additionally, two other product categories, services and 'other products,' experienced year-over-year growth of over 30%. Apple's service category includes digital content, AppleCare, and Apple Pay, while the 'other products' category includes headphones, Apple TV, Apple Watch, and various accessories. The primary driver of this change is the iPhone X, priced at $999. According to a survey by CIRP, over 26% of iPhone buyers in the past quarter purchased an iPhone priced over $900. A year ago, this figure was only 5%. CEO Tim Cook noted that the growth rate of the iPhone X is surpassing the market's average smartphone.
We are thrilled to announce our best-ever June business quarter, marking the fourth consecutive quarter of double-digit revenue growth. The company is highly satisfied with the products and services we provide.
Apple forecasts revenue for the next quarter to be around $60-62 billion, nearly a 20% increase compared to last year. The company's optimism indicates significant preparations for a range of products in the upcoming months. Leaked reports hint at three new iPhones, possibly including a mid-range model, new versions of iPad Pro, and Apple Watch. The recently launched MacBook Pro 2018, unveiled last month, is expected to contribute to growth in Q4.
Following the business results announcement, Apple's stock rose by 7%. The company's current market value stands at $935 billion, and Apple is on track to become the first company to reach a $1 trillion valuation.
