Apple shocked investors with better than expected earnings for Q3 2016 today, despite some ominous signs that some analysts claimed signaled we’ve reached peak Tim Cook.
Thanks to the booming App Store business and other Services, Apple raked in an impressive $42.2 billion in revenue, which Tim Cook says, “was way better than we expected from so many different points of view.”
Here are the most important takeaways from today’s earnings call:
Apple today revealed its results for the third fiscal quarter of 2016, and they make for surprisingly pleasant reading for investors. The company reported revenue of $42.2 billion and quarterly net income of $7.8 billion after App Store sales hit an all-time record.
All eyes are on Apple this afternoon as the company is set to report its Q3 2016 earnings and Wall Street isn’t expecting anything great.
Apple CEO Tim Cook warned in March that the company will post declining revenues compared to a year ago, but with iPhone sales on the decline as customers wait to upgrade to the iPhone 7, the numbers could be a bit lower than investors are hoping for.
Today’s earnings call for Q3 2016 is set to kick off at 2 p.m. Pacific, when analysts from the top firms around the world will have a chance to ask Tim Cook and CFO Luca Maestri whether iPhone sales have finally bottomed out, or if things are still going to get worse before they get better.
Apple is set to reveal its quarterly earnings this afternoon for the third fiscal quarter of 2016 and if the analysts are right, it could be even worse than Apple’s last disastrous quarter.
Investors were advised by Apple during the last earnings call that revenue will likely be down from what it was in the same quarter last year. Apple is hoping it can get a boost from the iPhone SE and the App Store to stay within expectations, however troubles in China and low iPhone demand could hurt the company more than expected.
Here’s what to watch for when Tim Cook and Luca Maestri talk to investors later this afternoon: