Apple announced its third-quarter 2019 earnings on Wednesday. According to apple, service revenue has reached a new record.
Ending June 29, 2019, total revenue for the third quarter of the year was $53,8 billion, up 1% year-over-year. On the other hand, there was a 7% drop in the company's shares.
"This was our best June quarter ever," said Tim Cook, Apple's CEO. He said this achievement was driven by record Services revenue, Wereables growth, strong iPad and Mac performance, as well as significant improvements in iPhone trends.
Despite mentioning the iPhone, everything indicates that the main apple product did not help much in this third quarter. Revenue from sales of the device was $26 billion, down from last year's $29 billion.
In comparison, the sale of Macs and iPads has increased considerably. These two areas managed to raise US$5,8 billion and US$5,02 billion respectively, compared to US$5,3 billion and US$4,7 billion in the previous year. But, most shocking was the growth of apple wereables.
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Finally, the Services sector, highlighted by the apple, also had a very favorable performance: US$11,46 billion, while in 2018 this figure was US$10,18 billion.
Apple is optimistic about the company's performance for the rest of the year. Indeed, with the launch of the iPhone 11 and several other news scheduled for September, it is to be expected that Apple's sales will soar.
Source: Apple
