Apple Beats Predictions, Records Higher Revenue Than Expected
Apple reported on Tuesday higher results than expected in the last quarter with an increase in revenues and profits. Thus a boost in its share price was recorded.
Profit increased by 12% and reached to $8.7 billion. Revenue increased by 7% and reached to $45.4 billion. Shares increased by almost 65 and reached $159.01.
Apple chief executive Tim Cook expressed his joy in press releases by saying “We’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for services revenue,”
Apple has made an effort to emphasize how the company has achieved profits by selling virtual content and services to users using its famous devices. The reason Apple has highlighted this point so much is that the company wants to assure the investors that investment in the company does not only depend on sales of iPhones.
Read also: New Managing Director announced by Apple for China
Apple underlined that 61% of Apple’s revenue came from outside of USA in this quarter, though revenue from China decreased by 10%.
Here we need to note that Apple removed its VPN’s from China App Store and faced a lot of criticism. Chinese users have always faced restrictions on the internet. Beijing then demanded that all developers must have a government license to offer VPN service. This led to the decision made by Apple. As Cook said we follow the law of the country.
He further said that
“We are hopeful that over time, the restrictions we are seeing are loosened because innovation really requires freedom to collaborate and communicate, and I know that is a major focus there.”
On a query related to talk by Donald Trump on Apple planning three huge new US plants, Cook said that Apple feels responsible to increase economic activity in the USA. He didn’t comment on the plants manufacturing point directly.
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