Apple’s revenue grows 1% to $53.8B in Q3

Apple Inc. reported on Tuesday revenues of $53.8 billion in its the third fiscal quarter of 2019, an increase of 1% year over year, with earnings per share declining 6.8% to $2.18 at the same time. Net income declined 12.8% to $10 billion in the quarter, according to the release. By region, Greater China and Europe saw decreases in net sales, by 4.12% and 1.75%, respectively, while other regions grew.

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The largest part of the revenues came from iPhone sales which declined 11.82%. Services gained 12.63% annually, while wearables, home and accessories came in third, jumping 63.8%. The technology giant expects revenue to rise further in the fourth quarter to between $61 billion and $64 billion.

“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,” noted CEO Tim Cook. “We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares, and $3.6 billion in dividends and equivalents,” said CFO Luca Maestri.

Apple’s shares jumped 2.84% after the release of the results.