Apple boosted by iPhone X sales, Wall Street sees industrial rebound

Apple iPhone X

Apple will report earnings on Tuesday Credit Getty

Apple is closing in on a $1 trillion market cap following a strong third-quarter earnings report that exceeded Wall Street's projections.

Sales rose 19% during the quarter, to $9.55 billion, in Greater China, where Apple gleans about 20% of its revenue. Profit came in at US$2.34 per share. Both iPhones have adopted the notched display Apple introduced with last year's iPhone X. The 6.1-inch model, rumored to be the least expensive iPhone Apple is introducing this fall, has a single camera lens on the back, while the 6.5-inch iPhone features two cameras.

Yet Apple fared far better than its rival, delivering $29.9 billion in iPhone revenue, of an overall $53.2 billion.

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Shares rose almost 3 percent in after-hours trading, from a $190.29 per share close - edging the company closer to its pursuit of a $1 trillion market value. The company is expected to launch three new phones later this year. During that quarter Apple sold 41 million iPhones, 11.4 million iPads, and 4.3 million Macs.

Apple sold 41.3 million iPhones during the quarter, compared to 41 million a year ago. No one seems to care about that, because the average selling price of the iPhone rose significantly (all thanks to the iPhone X), so the money-printing machine is still roaring ahead as usual. Analysts forecast US$9.2 billion.

The Cupertino, Calif. -based company benefited from a 31% surge in Apple's booming Services division-it includes ApplePay, iCloud, and AppleMusic-and continued growth for iPhone and China.

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"We're on target to reach our goal of doubling our fiscal 2016 services revenue by 2020", CEO Tim Cook assured investors on the call.

For the current quarter ending in September, Apple said it expects revenue in the range of $60 billion to $62 billion - also better than analysts had expected.

Apple is looking at whether it will be hit by tariffs on purchases the company must make, possibly "related to data centers", Cook said on a conference call with investors.

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But one of the categories potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers. Maestri told Reuters that the company's so-called "wearables" business - which includes the Apple Watch and its AirPods headphones, among other items - has generated $10 billion in sales in the past 10 quarters and saw sales increase 60 percent in the most recent quarter. But Apple and Samsung are also eyeing other areas of their businesses for growth. According to CNN, analysts expected Apple to sell nearly 42 million iPhones, less than last quarter, as a result of users already owning the newest models or waiting for newer ones.

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