Home International News Apple reports US $8.7 bn profit in Q3

Apple reports US $8.7 bn profit in Q3

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has announced its financial results for the third quarter of the fiscal year 2017, with profit rising to US $8.7 billion, nearly 12 per cent higher than in the same period of 2016.

Apple reports US .7 bn profit in Q3
Apple's CEO Tim Cook said that the company is in its "third consecutive quarter of accelerating growth" and has achieved "an all-time quarterly record for Services revenue"

The strong results announced on Tuesday send the share price of the tech company up by six per cent in after hours trading, Efe news reported.

Apple’s CEO said that the company is in its “third consecutive quarter of accelerating growth” and has achieved “an all-time quarterly record for Services revenue.”

During the third quarter, which ended on Monday, the California-based company generated net earnings per share of US $1.67, compared to the US $1.42 it had achieved between May and July 2016, when it earned a total of US $7.79 billion.

Apple’s total revenue reached US $45.4 billion in this quarter, representing a seven per cent increase over the same months of 2016, when it managed to raise US $42.3 billion.

Much of the revenue came from iPhone sales, which, with 41 million units sold between May and June, contributed US $24.8 billion to that figure.

The revenue from services, which include the company’s digital content and the Apple Pay application, among others, reached US $7.26 billion, showing a 21 per cent jump over the third quarter of 2016, when it was US $5.97 billion.

Apple currently has US $261.5 billion in cash, 94 per cent of which are outside the US. This figure is 13 per cent higher than that reported at the end of May, when it announced that it had about US $256 billion.