Shares of Apple Inc. (NASDAQ:AAPL) traded 4% higher as the technology company reported better-than-expected earnings for its fiscal 2019 third quarter ended 29th June and its revenue advanced as well after two consecutive down quarters.
The results beat the consensus estimates, meaning the demand for Apple products increased as the company is entering a crucial second half of the year.
Apple reported earnings per share of $2.18 on revenue of $53.8bn, beating the estimated EPS of $2.10 on revenue of $53.39bn.
“We’re very excited to report a return to growth for the quarter, and it’s a record revenue for Q3 as well, best we’ve ever had,” said Apple's chief executive Tim Cook. “Great services quarter, unbelievable wearables quarter, significant progress on iPhone, and off-the-charts significant progress on China, compared to where we were the previous quarter,” he added.
Earlier this month, Apple acquired Intel’s modem unit for $1bn, which is Apple’s second-largest acquisition by dollars and the largest-ever by employees count.