Apple Q3 results top estimates after iPhone sales shine as China demand rebounds

Investing.com -- Apple reported Thursday third-quarter results that beat Wall Street estimates, driven by better-than-expected iPhone sales as China demand rebounded and services revenue hit an all-time high.

Apple Inc (NASDAQ: AAPL) rose more than 2% in recent afterhours trading.

For the three months ended Jun. 28, Apple reported earnings of $1.57 per share on revenue of $94.04 billion. Analysts polled by Investing.com had anticipated EPS of $1.43 on revenue of $89.53 billion.

iPhone sales, which account for nearly half of total revenue, rose 13% to $44.58B in Q2, beating estimates of $40.22B

Demand in China rebounded, with Apple’s sales in Greater China increasing to $15.37 billion from $14.73B a year earlier, topping estimates of $15.19B.

Apple’s services segment, including includes its Apple Pay and App Store offerings, increased 13% year-on-year to $27.42 billion, beating Wall Street estimates of $26.80B.

You May Also Be Interested In

• Evercore ISI Upgrades The Macerich Company (MAC) to Outperform, 'improving balance sheet and accelerating FFO growth'
• Credo Tech (CRDO) PT Lowered to $245 at Mizuho
• Westinghouse said to seek over $50 billion valuation in planned IPO