Apple topped Wall Street expectations in its fiscal third quarter as an increase in iPhone 7 sales pushed revenue to a record $78.4 billion. The quarter, which ended 12/31, stopped a nine-month decline in revenue, as music continued to play a significant role in the company’s success.
Music, payments services and the App Store continued to grow at a healthy rate. Revenue was up 18% from a year ago to $7.2b; The Wall Street Journal noted the company had three times the sales of Netflix.
But the tech giant is no longer #1 in brand value, having been overtaken by Google, according to the latest Brand Finance Global 500 report. Amazon is #3.
Profit in the quarter fell 2.6% to $17.9b, or $3.38 a share, exceeding estimates of $3.22 per share and $77.4b in revenue.
Apple stock rose in after-hours trading to $127.30.
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THE NEW UMG
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TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
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TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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