Apple has just announced the financial results of its third fiscal quarter 2019 . The company reported quarterly sales of $53.8 billion, up 1% over the same period last year, and posted quarterly net income of $2.18 per share, a decrease of 7%.
Among the main variables to be taken into account is the one related to iPhone revenue, which increased from $29.47 billion during the same period last year , to $25.99 billion for this last quarter. In other words, smartphone sales were down 12% year-on-year, though slightly better than the 17% drop in the previous quarter.
However, despite the decline in quarterly net profit, there are figures that give Cupertino’s signature reason to celebrate. Apple’s services division reported record revenues, as it generated $11.46 billion , compared to $10.17 billion in the same quarter last year, and $11.45 billion in the second fiscal quarter this year. This category includes services such as iTunes, the App Store, Mac App Store, Apple Music, Apple Pay, Apple Care and others.
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Tim Cook took the opportunity of the press release to add some comments on the results:
According to Luca Maestri, Apple’s Chief Financial Officer, Apple’s year-over-year sales performance improved compared to the March quarter and generated strong operating cash flow of $11.6 billion. “We returned more than $21 billion to shareholders during the quarter, including $17 billion through the open market repurchase of nearly 88 million Apple shares, and $3.6 billion in dividends and equivalents” , he said.
After publishing its financial results for the third quarter of 2019, Cupertino’s firm held its traditional press conference, from which we can highlight the following points
- This was a great quarter for the wearables category, which accelerated its growth by over 50%. Services reached an all-time high of approximately $11.5 billion.
- Apple’s wearables revenue exceeds 60% of Fortune 500 companies
- Income from wearables, household and accessories grew by 48%.
- Customer satisfaction was 94% in the iPad category, according to 451 Research.
- Mac revenues were $5.8 billion, up 11% year over year.