Apple has announced its financial results for the third quarter of the fiscal year 2017, with profit rising to $8.7 billion, nearly 12 percent higher than in the same period of 2016. The strong results announced on Tuesday send the share price of the tech company up by six percent in after hours trading, Efe news reported. 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.” Also Read - iPad Mini for 2021 to ditch fat bezels, could bring along new Apple Pencil MiniAlso Read - iOS 4 is now available again on modern iPhones, complete with Home button: How to get it
During the third quarter, which ended, the California-based company generated net earnings per share of $1.67, compared to the $1.42 it had achieved between May and July 2016, when it earned a total of $7.79 billion. Apple’s total revenue reached $45.4 billion in this quarter, representing a seven percent increase over the same months of 2016, when it managed to raise $42.3 billion. Also Read - Apple originally planned to launch new MacBook at WWDC 2021, but didn’t: details here
Much of the revenue came from iPhone sales, which, with 41 million units sold between May and June, contributed $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 $7.26 billion, showing a 21 percent jump over the third quarter of2016, when it was $5.97 billion. ALSO READ: Apple reports Q3, 2017 results, iPad sales up by 28%
Apple currently has $261.5 billion in cash, 94 percent of which are outside the US. This figure is 13 percent higher than that reported at the end of May, when it announced that it had about $256 billion.