Apple shares up as iPhone 8 appears on track

Apple's earnings report suggests strong iPhone launch

After years of decline, Apple's iPad sales are on the rise

Apple CFO Luca Maestri said Apple has made it easier for people in some countries outside of the United States to pay for apps, which helped drive some of the growth.

For the fiscal third-quarter, Apple reported total revenues of $45 billion (up 7% Y/Y) in-line with consensus while its EPS of $1.67 came in above consensus of $1.57.

Looking forward to the fourth quarter, Apple expects revenue between $49 billion and $52 billion.

Apple stock popped 6% in after hours trading Tuesday following the earnings report, effectively adding almost $50 billion to its market cap.

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But more importantly, its forecast for the current September quarter - when the next, big iPhone launch is expected - is strong.

That estimate suggests Apple is likely to launch its newest iPhone model - expected to be called the iPhone 8 - in September, despite earlier rumors of a possible delay. The company has revealed that its iPhone sales were better than had been expected, increasing 1.6-percent year-on-year to hit the 41.03 million unit mark this past quarter; this is compared to the 40.4 million units it moved in the same quarter last year.

"With revenue up seven per cent YoY, we're happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue", said Tim Cook, Apple's CEO.

Cook added the company is excited about advances in iOS, macOS, watchOS and tvOS coming this fall.

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Equally, Mac sales of 4.3 million are pretty lifeless too, showing only a one percent growth compared to the year-ago quarter. Services sales rose 22% year over year and 3% sequentially to $7.27 billion. And the company has yet to break out sales for its newest product category, the Apple Watch.

In after-hours trading, Apple's stock jumped about 5 percent on the news.

On a geographic basis, revenues were still lower in China, down 10 percent year-on-year to United States dollars 8.00 billion.

IPad sales finally got back on track after Apple released a number of new models, including a 10.5-inch iPad Pro and a new, cheaper iPad starting at only $329. Revenue dropped again in China 10 percent year over year, the sixth straight quarterly decline as the company struggled against that country's homegrown smartphone makers.

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