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Apple 3Q - At a record high

The third quarter is usually the most boring in Apple's cycle. That is because it is the quarter before new product releases are announced which also coincides with the festive season. Not much was expected of last night's results. I must say, I was expecting a disappointment because I personally know a few people who are holding out on renewing their contracts until the new Apple phone is released, hopefully in September.

But that was not the case and the results smashed expectations, pushing the share up 6% pre market. Quarterly revenue came in at $45bn compared to $42.4bn this time last year. The company's cash balance now sits at a whopping $261.5bn. Just Wow!

Profits for this quarter came in at $8.72bn, up 12%. Guidance for the next quarter indicated some exciting product launches. See the image below from Wall Street Journal which shows the magnificent rise of the greatest product of all time. More records are expected in 2018.



Pleasant surprises included a rise in the iPad business for the first time in 4 quarters. Mac sales rose 6.7%, the third quarter of gains in a declining notebook market. Services grew 22% to $7.27bn as it becomes more and more significant. Lets hope for more exciting content coming to iTunes subscribers.

Apple continues to be one of our favoured stocks in New York. For a company of this quality, trading at 17.5 times earnings, we think it is a no brainer. Expect more news from these guys soon when those product releases come out.


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