Apple reports sales rise but net profit drop in Q3

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This is the first time the iPhone did not represent the majority of sales

Apple today (July 31) stated revenues for Q3 increased by one per cent to $53.8 billion (£44.3bn) but iPhone sales dipped.

Net profits dropped 13 per cent to $10bn with the vendor pointing the finger at sales drops in China, where sales fell four per cent to $9.16bn, after a drop of 22pc in the second quarter. International sales accounted 59 per cent of revenues.

This is the first time the iPhone did not represent the majority of sales having contributed £5.8bn this quarter ending June 29. Sales for the smartphones are down by $741m year-on-year.

The total revenues rise was spurred by positive growth from Apple’s other arms. Services (Apple Music, Apple Pay, Apple TV), contributed $11.5bn, while wearables, home and accessories took in $5.5bn. The iPad raked in just over $5bn up from $3.7bn year-on-year.

Apple forecasts full revenue for 2019 will be between $61bn and $64bn.

Apple CEO Tim Cook (pictured) said: “This was our biggest June quarter ever — driven by all-time record revenue from services, accelerating growth from wearables, strong performance from iPad and Mac and significant improvement in iPhone trends.”

“These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.”

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