Powered by services revenue, wearables and higher iPhone prices, Apple reports $53.3B

In a mixed bag of “FAANG” quarterly tech results this past week, Apple’s earnings announcement today was positive. The company exceeded analyst consensus expectations for revenues and earnings per share. FAANG stands for Facebook, Apple, Amazon, Netflix and Google.

Apple reported total revenues of $53.3 billion and earnings per share (EPS) of $2.34. Revenue was up 17 percent year over year, and EPS grew 40 percent annually.

Here are device and segment figures:

• iPhones: 41.3 million units, $30 billion in revenue.
• iPad: 11.5 million units, $4.7 billion in revenue.
• Macs: 3.7 million units, $5.3 billion in revenue.
• Services (including Apple Pay, Apple Music): $9.55 billion in revenue.
• Other (including Apple TV, Apple Watch, Beats products): $3.7 billion in revenue.

The iPhone sold 41.3 million units versus 41 million a year ago. The number was a slight miss; analysts had been expecting 42 million. However, the iPhone’s average price was $724 compared with Wall Street expectations of $694. That represented 20 percent year-over-year revenue growth, boosted by the higher-priced iPhone X.

International sales were about 60 percent of total revenue. The Americas, Europe and Greater China were the company’s top markets, in that order. In China, revenues were down sequentially but up versus a year ago.

As indicated, services revenues reached $9.55 billion, an all-time high. Wearables sales were up 60 percent year over year.

Apple provided guidance for its fiscal 2018 Q4 of between $60 billion and $62 billion. It has roughly $244 billion in cash on hand after returning a huge pile of it to shareholders. And the company’s market cap is now roughly $956 billion.

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