Apple beats by $0.06, beats on revs (218.36 -3.72)
- Reports Q3 (Jun) earnings of $1.40 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $1.34; revenues rose 4.9% year/year to $85.78 bln vs the $84.43 bln FactSet Consensus.
- Apple reports Q3 iPhone revenue of $39.3 bln vs. $38.8 bln ests and $39.7 bln last year.
- Apple reports Q3 Services revenue of $24.2 bln vs. $24.1 bln ests and $21.2 bln last year.
- Co reported Q3 Greater China revenue -6.5% yr/yr $14.73 bln.
- Co reported Q3 gross margin of 46.3%
- "Today Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago," said Tim Cook, Apple's CEO. "During the quarter, we were excited to announce incredible updates to our software platforms at our Worldwide Developers Conference, including Apple Intelligence, a breakthrough personal intelligence system that puts powerful, private generative AI models at the core of iPhone, iPad, and Mac. We very much look forward to sharing these tools with our users, and we continue to invest significantly in the innovations that will enrich our customers' lives, while leading with the values that drive our work."
- Apple CEO Tim Cook told CNBC that the company redeployed employees onto AI that previously worked on the now cancelled Apple Car. CapEx increased this quarter. Working on AI in China. He said the company will have to wait until AI launches to tell if demand for phones will increase.
Co typically provides Q4 (Sep) quarterly guidance on the conference call, which starts at 17:00 ET.