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Apple revenue hits June quarter record driven by growth in wearables

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Apple has reported earlier today financial results for the third fiscal quarter of 2019. Three month revenue came in at $53.8 billion, the highest ever June quarter.

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The Cupertino outfit has returned to growth after putting in a lacklustre Q2 which saw its revenue decline by 5% year-on-year. Apple’s net sales registered a 1% annual increase in Q3. The growth was primarily due to services and wearables which shot up 13% and an incredible 48% respectively.

Apple revenue hits June quarter record driven by growth in wearables

Services were the second largest segment hitting a record quarterly high of $11.5 billion. Their 21% share of total revenue was still well behind smartphones with 48% of sales. But the smartphone share is shrinking. It saw its revenue fall 12% year-on-year in Q3 and 17% in the previous quarter.

Growth in wearables, on the other hand, is going from strength to strength amidst strong Apple Watch Series 4 sales. The surge in the last three months follows a 30% increase in Q2. The category also includes revenue from AirPods, HomePods and the accessories.

Apple revenue hits June quarter record driven by growth in wearables

Earnings per share for the period were $2.18, down 7% year over year. International sales accounted for 59% of the quarter’s revenue.

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

“These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.”

Looking ahead to the fourth quarter Apple is expecting revenue between $61 and $64 billion. The company’s Q4 revenue last year totalled $62.9 billion.

You can read the financial results in full on this link.

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