Apple's Third Quarter Results at a Whopping $53.8 Billion in Revenue

Apple beats its third quarter estimates largely thanks to its sales in Services, moving iPhone sales down the line.

On Tuesday, Apple published its third-quarter revenue results, and they were good ones for the tech giant, about $53.8 billion worth. 

The company beat market expectations, largely thanks to its Services sales revenue, along with other categories, leaving iPhone sales far behind. The latter have been dwindling year upon year. 

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Following the news, shares were up by four percent in after-hours trading.

The report in numbers

CEO of Apple, Tim Cook, said: "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 improvements in iPhone trends."

Cook continued: "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 our platform, new services, and several new products." 

With regards to sales, iPhone sales amassed $25.99 billion, down from $29.47 billion in last year's third quarter. 

Apple's Third Quarter Results at a Whopping $53.8 Billion in Revenue
Apple Macbook Notebook and iPhone. Source: Pexels/Pixabay

Mac sales went from $5.26 billion last year to $5.82 billion this year, and iPad sales totaled $5.02 billion in 2019, compared with $4.63 billion last year. Home and Accessories came to $5.53 billion, up from $3.73 billion

Services revenue, the deal clincher, came to $11.46 billion this year, compared with $10.17 billion last year. 

This upward movement in Services sales is most likely to continue as Apple has exciting launches coming up in the near future. 

Launches such as the Apple Card, which will be Apple's credit card that relies on the iPhone, is due to hit the market in August, according to Cook. 

The company is also looking at a Fall launch for the Apple Arcade and Apple TV Plus

This is a promising third quarter for Apple, especially after having endured two downward quarters just previously.

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