Apple Q3 2019: $53.8 Billion in Revenue in “Biggest June Quarter Ever”
Apple has just announced their Q3 2019 earnings, with the quarter earning revenue of $53.8 billion USD, an increase of 1% compared to the year ago quarter. The company called it their best June quarter ever, with international sales making up 59% of revenue.
“This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” said Tim Cook, Apple’s CEO, in a statement. “These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.”
Apple saw the following in product sales:
- iPhone: $29.9 billion
- Mac: $5.8 billion
- iPad: 5.0 billion
- Wearables, Home and Accessories: $5.5 billion
- Services: $11.4 billion
All product sales went up, except for iPhone, which is not unusual ahead of all fall announcements. The company now has $210.6 billion USD in cash, down 13.6% from the year-ago quarter.
Apple’s Q3 beat analyst estimates and the company’s stock is up 3% in after-hours trading.
The following guidance for the fiscal 2019 fourth quarter is being provided:
- revenue between $61 billion and $64 billion
- gross margin between 37.5 percent and 38.5 percent
- ‘operating expenses between $8.7 billion and $8.8 billion
- other income/(expense) of $200 million
- tax rate of approximately 16.5 percent
“Our year-over-year business performance improved compared to the March quarter and drove strong operating cash flow of $11.6 billion,” said Luca Maestri, Apple’s CFO. “We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares, and $3.6 billion in dividends and equivalents.”
Apple also issued a cash dividend of $0.77 per share payable to common stockholders soon August 15, 2019.