Apple shares hit all-time high as sales keep soaring

Isaac Cain
August 2, 2017

Apple said it sold 11.4 million iPads in the quarter, a 15% increase on the same period a year ago.

Questions still remain about whether Apple will need to bump the "iPhone 8" production to a later date. The iPad had a very good three month period.

In September, Apple is expected the launch the next version of the iPhone, with up to three new devices rumoured to be on the way.

In an interview with the New York Times, Chief Financial Officer Luca Maestri said Apple saw increases in sales and revenue in every product category, including iPads, which had been struggling.

For the quarter, Apple reported revenue of $45.4 billion, up 7 percent from the same quarter previous year.

Analysts on average expect the company to sell 45.55 million iPhones in the current quarter, according to FactSet. Year-over-year, the sale of iPhone units rose 2% for the fiscal third quarter, 3% if comparing revenue.

Apple CEO Tim Cook says the company created 2 million jobs (mostly app developers) in the United States and feels a responsibility to increase continue create American jobs.

But given the sky-high interest in AAPL stock, there's little doubt that Apple still holds the title to the most-anticipated quarterly report.

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Apple reported revenues of US$45.4 billion and earnings per share (EPS) of $1.67 on Tuesday for the June quarter, the company's 3rd fiscal quarter.

Apple's other two main business areas, iPads and Mac computers, also grew. That was likely driven primarily by what Cook revealed was a 50 percent increase in Apple Watch sales in the quarter compared to a year ago, though he did not give specific numbers. And despite iPhone sales accounting for a majority of Apple's revenues, total unit sales have not consistently grown recently. That narrowly beat Wall Street expectations of 40.7 million handsets forecast to be sold during the period.

Some critics say that Apple, which is nearing an $800 billion valuation, has become simply an iPhone company.

A series of leaks have shown off plans for a new Face Detect scanning feature, massive edge-to-edge display and a vertical dual lens camera which can be used with virtual reality headsets.

Even with the iPhone 8 looming on the horizon, Apple still heads into the fall with some modest smartphone sales momentum. The bullish forecast suggests Apple thinks iPhone sales will keep chugging along with no delays.

"Apple continues to implode in China", Thibault said.

Case in point: Sales in China have been lackluster of late, with rival smartphones from Oppo, Vivo and Huawei stealing back some market share (with some help from the country's government).

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