Apple beats earnings estimates as iPhone sales climb

Apple's fourth-quarter forecast will give clues to when the new iPhones will debut say

Apple's fourth-quarter forecast will give clues to when the new iPhones will debut say

High-priced iPhones continued to sell well with the iPhone ASP hitting $724. iPad sales came in at 11.6 million units.

Apple's enormous cash pile actually shrank by $23 billion during the quarter, giving the company $243 billion in cash and liquid assets.

The trajectory puts Apple well on its inevitable path to becoming the first $1 trillion company in market value this year.

The company also reported strong growth in its fastest-growing services division, which includes Apple Music, now the largest music streaming services in the US.

Investors reacted enthusiastically, driving the stock up 5% in after-hours trading to $195.90 a share.

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The firm said it sold 41.3 million iPhones in the three months to the end of June, up just 1% from previous year.

Shares of Apple jumped Tuesday after the company posted better-than-expected earnings for its fiscal third quarter and forecast revenue for the current period would be higher than analyst expectations.

Sales of the iPhone were up 20% at $29.9 billion, driven by the range-topping iPhone X, which starts at $999.

The world's most valuable technology company also forecast revenue of $60 billion to $62 billion for its fiscal fourth quarter, which will include early sales of soon-to-be-announced phone models, beating the $59.6 billion analysts expected, according to data from Thomson Reuters I/B/E/S.

After the markets closed in NY on Tuesday, the Cupertino, California-based iPhone giant reported a $11.5bn profit for the three months ending in June, up 32% from the same period a year ago. Mac sales were down 13% at 3.7 million units sold.

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Apple was largely spared in last week's tech sector sell-off when shares of Facebook, Twitter and Netflix fell sharply on concerns about their future growth.

The iPhone maker's market capitalisation is just under $950 billion USA dollars, meaning it would need stock prices to rise around 7% to pass the trillion-dollar mark.

Another category potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers.

The Apple (NASDAQ:AAPL) Q3 2018 earnings are out, with the tech giant having posted a revenue of $53.3 billion, along with a quarterly profit of $11.5 billion, or $2.34 EPS, where it beat expectations of $2.18 EPS.

Gross margin for the quarter was 38.3 percent compared to 38.5 percent in the year-ago quarter, with global sales accounting for 60 percent of revenue. Services reached a record $9.55 billion, and is well on the way to a runrate of $14 billion per quarter by 2020, the company said.

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U.S. markets recovered overnight, led by gains in industrial stocks, following reports that the United States and China were renewing their trade negotiations to prevent the trade war from escalating.

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