Apple's profit soars 31% on the back of strong iPhone and Mac sales
The experts said it couldn't last, but Apple just keeps finding new ways to maintain its startup-like growth. Apple's profit jumped 31% last quarter, as customers continued to buy more expensive iPhones.
The average price that Apple customers spent on iPhones was $670 last quarter, up an impressive $67 from a year ago. The iPhone 6S Plus and iPhones with more storage have remained popular, and the costlier iGadgets mean higher profit margins.
The company sold 48 million iPhones last quarter, which was 22% more than it sold during the same period a year ago. But the money Apple made from those iPhone sales grew even more -- 36% -- over last year.
Customers were also buying Macs as Sales grew 3% last quarter to 5.7 million - an all-time record.
Even Apple's mysterious "other products" category had an outstanding quarter. Sales of those gadgets, which include iPods, Apple TVs and Apple Watches, grew 61% over last year. Apple still won't say how many of each of those product lines it sells, but something is catching on: Those gadgets brought in a collective $3 billion in sales last quarter.
Apple's services, including Apple Music, the iTunes App Store and music store, and iCloud, brought in a record $5.1 billion in sales. Yet iPads continued to be a sore spot for Apple. The company sold fewer than 10 million tablets, which was 20% fewer than it sold a year earlier.
Crucially, sales in China, which is Apple's second-largest market behind North America, grew 99% -- even as the economy continued to face struggles there. China is by far Apple's fastest growing market, and the company still believes that it will one day be its biggest.
Apple's overall sales rose 22% to $51.5 billion.
And Apple ended the quarter with a stunning $206 billion in cash. Shares of Apple (AAPL, Tech30) rose slightly after hours.
Tim Cook, Apple’s CEO expects Apple to have a very happy holiday season this quarter with a record number of iPhones sales, which will beat the 74.5 million iPhones sold during the last three months of 2014.
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