Apple sold $26 million worth of iPhones in the third quarter of fiscal 2019.
Cook expresses happiness over business in India.
Apple has sold iPhones worth $26 million in the third quarter of fiscal year 2019 as it posted $53.8 billion in revenue. The company’s Services business — which clocked $11.5 billion in revenue — helped the company set record results in the quarter that ended on June 29. Apple CEO Tim Cook said that it was the company’s biggest June quarter ever, driven by “all-time record revenue from the Services, accelerating growth from the Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends”.
“Our year-over-year business performance improved compared to the March quarter and drove strong operating cash flow of $11.6 billion. We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares, and $3.6 billion in dividends and equivalents,” Luca Maestri, Apple’s CFO, said. Additionally, in the earnings call, Cook expressed happiness about the performance of the company in emerging markets like India.
“In emerging markets, we returned to growth in mainland China, grew strong double digits in India and in Brazil, and we set new Q3 records in Thailand, Vietnam and the Philippines. On the market side, we have emerging markets where we have low penetration and during the quarter tactically, the emerging markets had a bit of a rebound. In fact, on a constant currency basis, we actually grew slightly in emerging markets. We still declined on a reported basis. India bounced back during the quarter, we returned to growth there. We're very happy with that,” Cook said.
Although Apple iPhone shipments fell by 11 percent in the quarter globally, In India it actually grew by 19 percent on a year-over-year (YoY) basis. Apple sold $5.8 million worth of Mac PCs, $5 million worth of iPads, and $5.5 million worth of wearables, including Apple Watch and AirPods. Further, wearables revenue was up by 50 percent (YoY), with Apple Watch hitting a new June quarter record. Services growth was up by 18 percent and Apple says that it now has over 420 million paid services subscriptions across its products.
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