Apple posts $53.8 billion revenue in Q3 2019, beats earnings estimate by slim margin

It looks like Apple's services bet is paying off

Appl earnings

Apple’s Q3 2019 financial results reveal that the company earned $53.8 billion USD (roughly $70 billion CAD) in revenue, slightly surpassing its target and resulting in a one percent increase year-over-year.

The tech giant’s revenue guidance for the quarter fell between $52.5 billion USD (approximately $69 billion CAD) and $54.5 billion USD (about $71 billion CAD). Regarding individual device categories, revenue for Mac sales came in at $5.82 billion (about $7.6 billion CAD), and iPads hit $5.023 billion USD (roughly $6.6 billion CAD), an increase of $4.634 billion USD (about $6 billion CAD) compared to the same period last year.

Last year during Q3 2018, Apple earned $53.3 billion USD ( approximately $70 billion CAD) in revenue, with the company globally selling 41.3 million iPhones, 11.6 million iPads and 3.7 million Macs. The company no longer breaks down individual sales numbers for specific devices.

The company’s continued efforts to transform into a services-focused company seems to be paying off, with the category increasing to $11.46 billion (about $15 billion CAD) from $10.17 billion (roughly $13 billion CAD) a year earlier.

“This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” said Tim Cook, Apple’s CEO, in a recent press release.

“These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products,” said Cook.

Apple’s next fiscal quarter is expected to be far more interesting, with the company’s 2019/2020 iPhone lineup launching, as well as two new subscription services, Apple TV+, the company’s video streaming platform and Apple Arcade, a video game subscription service.

The tech giant is predicting revenue between $61 billion (about $80 billion CAD) and $64 billion (roughly $84 billion CAD) for Q4 2019.

Source: Apple