Profit was $11.1 billion, which is a boost from the $8.5 billion that Apple achieved a year ago.
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Though Apple set a new record in selling 48 million iPhones during its fourth quarter, roughly two-thirds of its customers have yet to migrate to hardware released in the a year ago or so.
Supplying technology to Apple can turn small companies into Wall Street darlings as new versions of the iPhone break quarterly sales records and remain the gold standard in the smartphone industry.
Apple generated revenues of $32.2 billion (+36 percent) from iPhones, $4.2 billion (-20 percent) from iPads, $6.88 billion (+4 percent) from Mac books and $5.08 billion (+10 percent) from services. Apple has added an additional $3.5 billion to its Smaug-sized cash hoard since Q3 2015, bringing its total stockpile to $206.4 billion.
Revenues from this category increased to $3.05 billion for the quarter, up 60.5% from $1.9 billion in the same quarter previous year.
This is not the first time that Apple has said that a record rate of iPhone buyers were switching over from Android. According to him, Apple now has 25 stores in China and they expect to reach 40 stores by the middle of next year. “We see an enormous change in China over the next several years”. In the conference call, he said Apple’s full fiscal year revenue was equivalent to that of nearly 90 percent of the companies in the Fortune 500. But perhaps the most remarkable statistic to take away from the iPhone numbers is that sales were up an incredible 99 percent in China year-over-year. Cook, who visited China last week, has said the world’s most populous country will eventually be Apple’s biggest market.
The company said it expected sales of between $75.5 billion and $77.5 billion during the current quarter.
Morningstar analyst Brian Colello said the forecast was slightly below expectations but investors were pricing in a worse outcome, which was why the stock initially rose after hours.
Most recently, Apple and Cisco revealed a partnership August. 31 to optimize Cisco networks for Apple iOS-based devices and apps while also working to create a better business integration between Cisco voice and video environments and the iPhone. Besides the shift and upgrades, Apple CEO Tim Cook also cites continuous growth in China as the reason behind the tech giant’s optimistic outlook.
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The USA company was due to open its 21st mainland China store in the northeastern city of Dalian.
