Apple beats earnings expectations

Apple beat analyst revenue and earnings estimates in its third quarter, which ended in June. After the market closed Thursday, the iPhone maker reported plenty of numbers that beat expectations:

• 🏦 Earnings per share of $1.57, compared with FactSet analyst consensus estimates of $1.43.

• 💵 Revenue of $94.04 billion, versus expectations of $89.35 billion.

• 📱 iPhone revenue came in at $44.6 billion, compared to the FactSet consensus of $40.1 billion.

• ☁️ Services brought in $27.4 billion, versus expectations of $26.8 billion.

• 🇨🇳 Greater China revenue was $15.37 billion, compared with analysts’ $14.9 billion.

• 🇺🇸 The Americas were a slight miss, with revenue coming in at $41.2 billion versus the expected $41.8 billion.

“Today Apple is proud to report a June quarter revenue record with double-digit growth in iPhone, Mac and Services and growth around the world, in every geographic segment,” Apple CEO Tim Cook said in the earnings press release.

Investors have been waiting to see how tariffs, which were announced during this reporting period, would affect Apple’s financials. We’ll get specifics on tariffs during the earnings call today, but so far earnings were better than expected. Last quarter the company estimated that tariffs could add $900 million to its Q3 costs. Analysts have also been concerned with how the company plans to remedy what many consider its lagging artificial intelligence program.

Prior to the earnings report, the stock was down about 17% this year. The stock rose up 3% after-hours on the news before settling down to a roughly 1% gain.