iPad Sales are Booming Again

Even if they haven’t released the new iPhone yet, Apple still doesn’t have any problem with their sales. Apple just reported its 3rd quarter earnings for this year’s fiscal year.

On its revenue of $45.4 billion, the company made around $8.8 billion profit. That is $1.67 per share. However, the sales of the company were a little lower compared to the previous quarter.

Huge Surprise

The huge surprise here is the iPad. The company moved 11.3 million tablets on the back of its new iPad Pro that was released in June at WWDC. In more than 2 years, it is the largest non-holiday quarter for the tablet. That is an increase of around 30% from the previous quarter and 15% from 2016’s 3rd quarter. The revenue, however, from tablet sales was only around 2%. This suggests that customers might be choosing for inexpensive models.

On the news, the company’s stock increased more than 5%.

Also, the quarter, which ended on June 30, saw announcements of new iMacs and MacBook’s. However, those products did not have as much effect on the bottom line of the company. Apple moved 4.2 million Macs during the last 3 months. It is nearly the same as the company sold in the previous year.

Enjoying the Results

Tim Cook, Apple’s CEO, highlighted the services revenue of the company. Apple pulled in around $7.2 billion. It is an increase of 22% from last year’s same quarter. According to Cook, they are happy to report their 3rd quarter of consecutive fast-tracking progress and the best services revenue’s quarterly record with revenues 7% higher each year.

Cook praised the company’s results in a conference call. He says Apple enjoyed growth in all its products. The iPhone 7, in particular, was the best one. The sales iPhone 7 Plus dramatically increased over the last year’s same quarter. It also showed a strong growth for the category. Also, the average cost of iPhone increased from $590 to $605.

Cook also highlighted the sales of its iPad. He says more than 50% of their customers were purchasing the 1st Apple tablet. In addition to that, the Mac was a huge hit in Japan and China. Both those countries posted record sales of units.

If the company launches the upcoming iPhone 8 in its traditional date, the company expects revenue between $50 billion up to $53 billion, looking ahead to the 4th quarter.

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