Apple Shares Up as iPhone, Services Gains Deliver Better-Than-Expected Quarter
Apple shares closed up 4.7 percent at $157.14 Wednesday after a better-than-expected earnings report Tuesday. Revenue in the quarter ended July 1 jumped 7 percent over the 2016 quarter to $45.4 billion on strength in the company’s services business, iPhone…
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7 and 7 Plus sales, and gains across all categories, said CEO Tim Cook on the earnings call. Profit rose 12 percent to $8.72 billion. IPhone sales reached 41 million units, and the company reduced inventory by 3.3 million, its lowest point in two-and-a-half years, said Cook. Average iPhone selling prices reached $606 in Q3, up from $595 a year ago, which Chief Financial Officer Luca Maestri attributed to the iPhone 7 Plus, which had a higher percentage of the iPhone mix than the flagship Plus model in the year-ago quarter. On Apple’s China business, Cook said the iPhone was “relatively flat” as the services business grew “extremely strongly."