Apple Stock Jumps 6.8% After Q3 Earnings Release

Posted: Jul 27 2016, 12:23am CDT | by , Updated: Jul 27 2016, 12:26am CDT, in News | Apple

Apple Stock Jumps 6.8% After Q3 Earnings Release
Photo Credit: Getty Images

The APPL stock ended at $103.25 in after-hours trading, an increase of 6.58%.

The feared slow Q3 quarter turned out not to be too bad for Apple. The Company announced quarterly revenue of $42.4 billion and quarterly net income of $7.8 billion. These results compare to revenue of $49.6 billion and net income of $10.7 billion, in the year-ago quarter. While revenue dropped, Apple managed to make good revenue.

Gross margin was 38 percent compared to 39.7 percent in the year-ago quarter. International sales accounted for 63 percent of the quarter’s revenue.

“We are pleased to report third quarter results that reflect stronger customer demand and business performance than we anticipated at the start of the quarter,” said Tim Cook, Apple’s CEO. “We had a very successful launch of iPhone SE and we’re thrilled by customers’ and developers’ response to software and services we previewed at WWDC in June.”

Apple sold 40.4 million iPhones, 9.9 million iPads and 4.2 million Macs. iPad and Mac sales stayed the same compared with the Q3 of 2015, but iPhone sales dropped by 10 million.

“Our Services business grew 19 percent year-over-year and App Store revenue was the highest ever, as our installed base continued to grow and transacting customers hit an all-time record,” said Luca Maestri, Apple’s CFO. “We returned over $13 billion to investors through share repurchases and dividends, and we have now completed almost $177 billion of our $250 billion capital return program.”

The Apple Stock has risen 6.58% in after-hours trading, set to open higher today on the stock market.

Apple's next iPhone is around the corner. Q3 is always the worst quarter in terms of sales, but Apple managed to get through it ok. The drop in iPhone sales is though a concern.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
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