La Oferta

March 24, 2023

Apple reports profit of $8.7 billion in third quarter of 2017, stocks rise

New York, USA, Aug 1 (EFE).- Apple on Tuesday announced its financial results for the third quarter of the fiscal year 2017, with profit rising to $8.7 billion, nearly 12 percent higher than in the same period of 2016.
The strong results send the share price of the world’s most valuable tech company up by 6 percent in after hours trading.

A man uses his smartphone to photograph the Apple logo of the Apple Store at the Taipei 101 skyscraper in Taipei, Taiwan, 01 July 2017. On 01 July, Apple opened its first Apple Store in Taiwan. The store, with around 130 hired staff members, sells Apple products and holds classes and events such as Photo/Sketch Walks, Kids Hour and Studio Hour. EFE

During the third quarter, which ended on Monday, the California-based company generated net earnings per share of $1.67, compared to the $1.42 it had achieved between May and July 2016, when it earned a total of 7.79 billion.

Apple’s total revenue reached $45.4 billion in this quarter, representing a 7 percent increase over the same months of 2016, when it managed to raise $42.3 billion.

Much of the revenue came from iPhone sales, which, with 41 million units sold between May and June, contributed $24.8 billion to that figure.

Apple’s CEO Tim Cook said that the company is in its “third consecutive quarter of accelerating growth” and has achieved “an all-time quarterly record for Services revenue.”

The revenue from services, which include the company’s digital content and the Apple Pay application, among others, reached $7.26 billion, showing a 21 percent jump over the third quarter of 2016, when it was $5.97 billion.

Apple currently has $261.5 billion in cash, 94 percent of which are outside the United States. This figure is 13 percent higher than that reported at the end of May, when it announced that it had about $256 billion.