Apple’s Revenue Increased by 17 Percent to $53 Billion, Profit Up 32 Percent to $11 Billion

Apple reported revenues of $53.3 billion in the last quarter, 17 percent higher than a year earlier, and although iPhone sales growth has slowed, the profit of this tech giant has surged.

According to the business report released on Tuesday, Apple’s net profit in the second quarter of this year was $11.5 billion, which is 32 percent higher than a year earlier.

The revenues and profits of the world’s largest company by market value grew at double-digit rates, although sales of Apple’s most important product, the iPhone smartphone, increased by only 1 percent year-on-year, to 41.3 million.

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However, the slowed growth in sold devices was compensated by increased prices of new models, such as the iPhone X, as reported by CNN.

Thus, in the last quarter, the average selling price of the iPhone was $724, higher than the $694 estimated by analysts, and higher than the $606 average price a year ago.

A bright spot in Apple’s report is also the growth in revenue from the company’s services, which include applications like Apple Music, Apple Pay, App Store, and iCloud, increasing by 31 percent year-on-year, to $9.5 billion.

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On the other hand, revenues from other company products, such as Mac computers and iPads, did not impress. In the last quarter, 3.7 million Mac computers were sold, 13 percent less than a year earlier, while iPad sales stagnated at 11.5 million.

Apple also announced that it expects revenues in the current quarter to be between $60 and $62 billion, which is above analysts’ expectations, who estimated they could reach around $59.6 billion.

Thanks to better-than-expected business results, Apple’s stock price rose in after-hours trading on Tuesday after Wall Street closed by more than 3.5 percent, to a record $197.

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Thus, Apple’s market value reached $954 billion, solidifying its position at the top of the list of the world’s largest companies by market value and bringing it closer to the $1 trillion valuation level.