Apple posts 7% revenue increase

Apple trading update

Apple has defied analysts’ expectations in its latest financial quarterly update by recording a seven per cent rise in revenue year-on-year.

The technology giant and iPhone maker —  which trades online as well as through dedicated retail stores around the UK and the world — yesterday said revenue for its third fiscal quarter was $45.4 billion (£34.4 billion), an increase on the $42.4 billion (£32.1 billion) recorded in the same period a year ago.

This is above industry analysts’ predictions of around $44.95 billion (£34 billion).

Meanwhile, the tech giant’s net income also increased to more than $8.7 billion (£6.5 billion) — compared to $7.8 billion (£5.9 billion) in the same quarter in 2016.

Apple said they sold more than 41 million iPhone handsets in the last quarter, as well as 11.4 million iPad units.

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Chief executive Tim Cook said:  “With revenue up seven per cent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for services revenue.

“We hosted an incredibly successful worldwide developers conference in June, and we’re very excited about the advances in iOS, macOS, watchOS and tvOS coming this fall.”

Apple is expected the launch the next version of the iPhone in September and speculation is rife that the company has three new devices up its sleeves, too.

The company is also set to launch its HomePod smart speaker in December, which will be integrated virtual assistant Siri, to up the ante in the  competition with Amazon Echo and Google Home.

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