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Music services and an increase in iPhone 7 sales pushed Apple’s third-quarter revenue to a record $78.4b, topping Wall Street expectations. But the tech giant is no longer #1 in brand value, having
Wednesday, February 1, 2017

APPLE'S Q3 RESULTS BEAT PROJECTIONS

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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