Apple’s Profits Jump By 17% to $8.7 Billion in Q3 Earnings

Apple posted its earnings for the third quarter in the fiscal year 2017 with the revenue of $45.4 billion and operating profit of $8.7 billion.

The profit is 17% more than the figures Apple reached last year, during the third quarter. Last year Apple made $42.4 billion in revenues and $7.8 billion in profits.

Apple’s CEO Tim Cook said:

With revenue up 7 percent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue.

41 million iPhones were sold during May and June, contributed $24.8 billion to the revenues as compared to 40.3 billion units last year during the same quarter.

iPad and Mac sales were 11.4 million and 4.2 million units respectively this year as compared to the last fiscal year’s third quarter with 9.95 million and 4.25 million units sold respectively.

Apple stated that 61 percent of the revenue in the quarter came from outside the United States.

Apple’s projections for September quarter

Apple’s projections for the next quarter are as follows:

  • revenue between $49 billion and $52 billion
  • gross margin between 37.5 percent and 38 percent
  • operating expenses between $6.7 billion and $6.8 billion
  • other income/(expense) of $500 million
  • tax rate of 25.5 percent

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