Apple Inc. reported stronger-than-expected fiscal third-quarter results, with total revenue of $109.42 billion, up 16.4% from the same period last year. iPhone revenue came in at $54.25 billion, up 21.7% and above analyst estimates of $53.86 billion, setting a record for the third quarter. Gross margin was 50.1%, beating expectations by 218 basis points, while earnings per share were $2.02, boosted by a one-time import tax refund of about $0.11 per share. Excluding that item, adjusted earnings per share were approximately $1.91, still above the consensus estimate of $1.89. However, Apple shares fell about 4% in after-hours trading after Greater China revenue came in at $18.82 billion, below the expected $19.67 billion, and services revenue was $30.74 billion, missing the forecast of $31.22 billion.
Apple Inc.Earnings beat but China and services revenue missed, causing mixed reaction.