Apple Beat Third Quarter Expectations, as Phone Sales Barely Grew

Apple working on dual-Sim iPhone models

South Korean consumer electronics titan Samsung remained the top smartphone maker, shipping 71.5 million handsets, but Huawei moved into second position with shipments of 54.2 million, according to IDC Worldwide Quarterly Mobile Phone Tracker.

The company's earnings were announced amid escalating rhetoric around tariffs between the USA and China.

"Each country can only prosper if the other does", he said. Asked about the company's production deal with Oprah Winfrey, Cook said Apple is "working on a project that we're not really ready to share all the details of it yet", adding "I couldn't be more excited".

Apple Services - one of the company's fastest-growing revenue streams from things like the App Stores and Apple Music - could fuel growth in the third quarter without headline-making iPhone releases.

That said, the average selling price of iPhones jumped in the quarter as buyers opted for top-of-the-line X and 8 models, according to Apple. They expect even bigger, fancier iPhones heading into the holidays.

Shares in the Silicon Valley-based technology titan rose 4.03 per cent to $US197.95 in after-hours trade that followed release of the earnings figures.

"Whether it grows 1 percent or 2 percent. or shrinks 1 or 2 percent, it's a great market because it's just huge", Cook said.

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Analysts are predicting iPhone sales to be up slightly on a year ago, but revenue to rise further thanks to the higher price of the iPhone X, which Apple said, when announcing its last set of results, was its best-selling phone. 9to5Mac, citing analyst Ming-Chi Kuo, last month reported that the 6.5-inch premium OLED iPhone will come in black, white, and a new gold tone, while the more affordable 6.1-inch LCD model will be available in a bevy of shades: gray, white, blue, red, and orange.

It features a brighter screen that spans the device from edge to edge and boasts facial recognition technology.

As they speak to analysts shortly, Apple aapl execs including tight-lipped CEO Tim Cook likely won't give investors many hints about what they really want to know-the company's expectations for its next iPhone update likely arriving in the fall.

Apple services include streaming music and video, where Apple faces competition from rivals including Spotify Technology SA and Netflix.

Its net cash stood at $129 billion, according to Moody's analyst Stephen Sohn.

The technology giant reported revenue of 53.3 billion dollars (£40.6bn), up 17% on the same period previous year and above analyst expectations of 52.4 billion (£39.9bn).

Analyst expect the company to post earnings of $2.16 a share on revenue of $53.31 billion.

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