Apple Q3 Profit Jumps On Double-digit Revenue Growth

(RTTNews) - Apple Inc. (AAPL) on Thursday reported an increase in profit for the third quarter, with revenues increasing 16%, driven by double-digit growth in iPhone, Mac and Services across all geographic segments.

Third-quarter net income increased to $29.79 billion or $2.02 per share from $23.43 billion or $1.57 per share in the prior-year quarter.

Quarterly net sales rose 16.4% to $109.42 billion from $94.04 billion a year earlier. Product revenue increased to $78.68 billion from $66.61 billion, while Services revenue grew to $30.74 billion from $27.42 billion.

Gross margin expanded to 50.1% from 46.5%, including a favorable impact of about two percentage points from tariff refunds.

"Today, Apple is proud to report our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services, and in every geographic segment," said Tim Cook, Apple's CEO.

Revenue by product category was led by iPhone sales of $54.25 billion, up from $44.58 billion a year earlier. Mac revenue climbed to $10.35 billion from $8.05 billion, while iPad revenue declined to $6.19 billion from $6.58 billion. Wearables, Home and Accessories revenue increased to $7.88 billion from $7.40 billion.