Apple logs $53.8bn revenue in its biggest June quarter ever

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Cupertino (California): Riding on an all-time high Services business, Apple has posted $53.8 billion in revenue — an increase of 1 per cent from a year ago – setting record results for its fiscal 2019 third quarter that ended June 29.

The net cash totalled $102 billion at the end of the quarter while international sales accounted for 59 per cent of the revenue, the company said in a statement late Tuesday.

“This was our biggest June quarter ever, driven by all-time record revenue from the Services, accelerating growth from the Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” said CEO Tim Cook.

The iPhone sales were $26 billion while the Services vertical clocked $11.5 billion in revenue.

“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,” Maestri added.

Sales in Greater China were $9.2 billion — down from $9.5 billion in last year’s quarter.

According to Cook, Wearables revenue was up 50 per cent (year-on-year), with Apple Watch hitting a new June quarter record.

Services growth was up 18 per cent and Apple now has over 420 million paid services subscriptions across its products.

(Agencies)