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iPhone brings in more profits for Apple
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A man holds an iPhone 7 Plus. (Bloomberg/Chris Ratcliffe)
A
pple on Tuesday reported stronger-than-expected results for the past quarter, with higher revenues and profits, delivering a boost to its share price.
Profit climbed 12 percent to $8.7 billion, and revenue rose seven percent to $45.4 billion, with the California-based company selling 41 million iPhones in the fiscal third quarter to July 1.
Shares rose nearly six percent to $159.01 in after-market trades that followed released of the earnings report.
"We're happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for services revenue," Apple chief executive Tim Cook said in a release.
Apple has been highlighting the increasing amount of money it brings in selling digital content and services to people using its popular devices.
The move is seen by some as an effort to assure investors that the company's fortune doesn't rest solely on sales of iPhones, which have been its main revenue driver.
Apple also highlighted that 61 percent of the revenue in the quarter came from outside the United States.
However, revenue in the important China market slipped 10 percent from a year earlier to slightly more than $8 billion.
Apple last month removed software allowing internet users to skirt China's "Great Firewall" from its app store in the country, sparking criticism that it was bowing to Beijing's tightening web censorship.
Chinese internet users have for years sought to get around heavy internet restrictions, including blocks on Facebook and Twitter, by using foreign virtual private network (VPN) services.
Beijing mandated in January that all developers must obtain government licenses to offer VPNs, leading to the Apple decision.
"We would rather not remove the apps, but like in other countries, we obey the laws where we do business," Cook said during an earnings call.
"We are hopeful that over time, the restrictions we are seeing are loosened, because innovation really requires freedom to collaborate and communicate, and I know that is a major focus there."
Cook maintained that the App Store in China remained stocked with VPN apps, including creations from developers outside that country.
