TV gains as Apple racks up record services revs in Q3
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Joseph O'Halloran
| 31 July 2019

As it aims to bounce back for its generally accepted disappointing Q2 2019, CE giant Apple has made somewhat of a comeback in the third quarter, albeit with mixed results.

For the three-month period ended 29 June 2019, Apple posted total posted quarterly revenue of $53.8 billion, an increase of 1% from quarter a year ago, but profits fell 12.8% on an annual basis to $10.044 billion. Quarterly earnings per diluted share were $2.18, down 7% annually. Non-US sales accounted for 59% of the period’s revenue which was the highest for a third quarter for the company. iPhone sales fell 12% compared with Q3 2018.

Among the standouts for the company was the fact that services revenue reached a new all-time high. Apple also surpassed 420 million paid subscriptions to services across its platform and the company was on track to double our fiscal year '16 services revenue in 2020.

TV business performed well for the company. Apple saw double-digit revenue growth from Apple TV and accessories during the quarter. After being enhanced in May 2019 across 100 countries, the new Apple TV app generated a year-on-year increase of 40% in viewers in the US.

Commenting upon the third quarter, Tim Cook, Apple’s CEO said: “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. 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.”