Services drove Apple’s best third quarter ever, but iPhone sales aren’t growing

Apple's Market Value Is Approaching A Trillion Dollars: Report

Apple earnings beat expectations as it sells pricer iPhones

Apple's increasingly important Services segment saw revenue of $9.5 billion, up 31% versus $7.2 billion during the same quarter past year.

By the time Apple takes the wraps off its new iPhones this fall, most people in the crowd will already be able to draw the phones from memory at the rate leaked images of the devices are appearing.A day after photos of dummy iPhone units popped up online, videos of those same two models are now circulating.

However, a mix of strong revenue today and a market valuation that's closing in on $1 trillion are hyping Apple's stock price to record levels in after hours trading. Apple pushed to $196.00 per share, which is 4 cents above its all-time intraday high.

Services revenue The company projects that it will bring in between $60 billion and $62 billion in revenue during Q4 2018.

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That said, the average selling price of iPhones jumped in the quarter as buyers opted for top-of-the-line X and 8 models, according to Apple.

That said, iPhone and iPad sales were close to the same compared to this quarter previous year, with 41.3 million iPhones shipped. Apple also regained growth in China, where sales rose 19 percent.

But several of Apple's services do not face strong rivals.

The iPhone revenue allayed fears among some investors after Samsung Electronics (South Korea: 005930) registered its slowest quarterly profit growth in more than a year Tuesday because its Galaxy S9 smartphone missed sales targets. Maestri told Reuters that sales from Apple Care, the company's warranty offering, were up 27 percent versus a year ago, though the company did not disclose a dollar figure for sales.

Apart from consumer behavior, there is also concern that Apple's extensive overseas manufacturing operation may suffer from trade disputes between the USA and China.

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Apple's biggest selling products do not yet face duties stemming from the US-China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated.

Another category potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers.

The maker of iPhones, iPads and other products posted revenue of nearly $53.3 billion in the period, also exceeding Wall Street forecasts.

Apple's margins are facing pressure as it moves to put pricier components, such as OLED displays that show more vivid colours, into its products.

The firm reported profit of $11.5bn, up 32% compared to the same period in 2017.

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