Tech giant Apple beats financial expectations despite worries in China and hits profits of £10bn
- The £10 billion was compared to estimates of £7.9 billion
- Sales at the firm climbed to £44.3 billion compared to estimates of £43.9 billion
- Apple’s sales guidance for the fourth quarter came in at between £50 billion and £53 billion
Apple revealed last night it had beaten financial expectations
Investors were waving away the bad memories of Apple’s January profit warning last night, after the tech giant revealed it had beaten financial expectations.
Despite worries in China, Apples profits hit £10 billion in the third quarter of its financial year, compared to estimates of £7.9 billion.
Sales at the iPhone maker climbed to £44.3 billion, compared to estimates of £43.9 billion and last year’s third quarter revenue of £43.8 billion.
Apple’s sales guidance for the fourth quarter – a closely watched measurement since the US firm usually meets its predictions – came in at between £50 billion and £53 billion.
This was at the top end of analysts’ expectations of £50 billion, and Apple’s shares shot up 4.6 per cent after the statement.
The third quarter numbers were a relief for investors, cautious after Apple admitted in January that it was being battered by weaker growth in China.
Year-on-year growth in Apple’s China App Store was 23 per cent in April, but this slipped to 19 per cent in May and just 5 per cent in June.
But Apple’s chief executive Tim Cook said there had been a ‘marked improvement’ in the country, adding: ‘The balance of 2019 will be an exciting period, with major launches on all of our platforms.’