Apple earnings Q3 2017


If consumers are holding out for the next iPhone, they’ve still been spending plenty of money at Apple Stores in the meantime.

Shares were set to open at a record high Wednesday, with a market capitalization of over $830 billion, after the iPhone maker reported better-than-expected earnings.

The stock climbed more than 6 percent in extended hours trade and were set to open near $160 a share, on track to surpass the $156.65 intraday high set on May 15. The gains in Apple were also poised to push the Dow Jones industrial average over the psychologically key 22,000 level.

Apple reported fiscal third-quarter earnings on Tuesday that beat analysts’ expectations, and revenue that topped estimates, as it sold more iPhones than expected.

Apple shares 2-day performance (extended hours)

Source: FactSet

Despite expectations for a “lame duck” quarter ahead of the iPhone 8 launch, Apple sold 41 million iPhones during the quarter, surpassing 1.2 billion total iPhones sold.

The company also hit a major goal, as the App Store drove Apple’s Services division to a record high, the size of a Fortune 100 company.

“If you look at the products, we sold 41 million iPhones, but frankly it’s better than that because we also reduced channel inventories by 3.3 million,” CEO Tim Cook told CNBC’s Josh Lipton on Tuesday.

“If you look across the world, we had several markets in Asia, in Latin America, and the Middle East which grew more than 25 percent year on year,” Cook said. “If you look at [iPhone] 7 in the [iPhone] 7 Plus, we grew strong double-digit year on year compared to the 6S plus a year ago. So iPhone was terrific.”

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