Apple in touching distance of $US1 trillion mark after profits jump

Apple working on dual-Sim iPhone models

Things are pretty dire for Mac sales, which have slumped to a seven-year-low of 3.72 million.

Even though iPhone unit shipments inched up 1% to 41.3 million, revenue catapulted 20% to $29.9 billion because the $999 iPhone X was the top-selling brand, Apple CEO Tim Cook said in a conference call with analysts today. Many Americans have at least one piece of Apple tech in their household, and the same can be said for residents of European and Asian countries.

Apple said the average selling price of the iPhone had risen to more than $US700 in the quarter, showing that each customer is paying more for the company's gadgets.

As with several recent quarters, the biggest success story is Apple's services business, which includes Apple Music, iCloud, Apple Pay, the App Store, AppleCare, and more. Sales in that sector rose 31 percent to $9.5 billion. Services reached a record $9.55 billion, and is well on the way to a runrate of $14 billion per quarter by 2020, the company said. Of course, the iPhone still pulled down almost $30 billion in total revenue, but Services has rapidly grown from a minor segment of Apple's business to a major component.

Apple is on the cusp of becoming the world's first trillion-dollar company after smashing Wall Street forecasts with a leap in profits. In order to stay dominant at the top of the market, Apple has to find another mechanism to feed its shareholders the profit they demand.

Five ins and outs Newcastle United could complete this week
Muto was born just outside Tokyo, before moving to Mainz in 2015, his first club outside of Japan. The transfer fee is reported to be £9.5 million (about $12.5 million).

The tech company posted $53.3 billion in third-quarter revenue, up 17 percent from the same quarter a year ago. It has also soothed investor concerns with a US$100 billion stock buyback program and promises of growth from services such as streaming music and video, where Apple faces competition from rivals including Spotify Technology SA and Netflix Inc.

Apple shares have climbed 12 percent since the beginning of the year, while the S&P 500 index is up slightly more than 5 percent. The revenue included $236 million from resolving lawsuits such as Apple's long-running dispute with Samsung Electronics Co Ltd.

Shares in the Silicon Valley-based technology titan rose 3.96 percent to $197.83 in after-hours trade that followed release of the earnings figures.

Cook said that Apple products have not so far been directly affected, and that the company is evaluating the latest Trump move now in a public comment phase. In February, Apple said it expected revenue of between $51.5 billion and $53.5 billion for the quarter.

"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth".

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