Apple posted massive third quarter results Tuesday with seven percent revenue growth coming in at an impressive $45.4 billion buoyed by the sale of 41 million iPhones and 11.4 million iPads — huge results for a non-holiday quarter.
The Cupertino company’s net quarterly profit of $8.7 billion and a 17 percent increase in earnings to $1.67 per diluted share, meanwhile, brought smiles to the faces of investors.
CEO Tim Cook said the tech firm enjoyed its third consecutive quarter of accelerating growth and an all-time quarterly record of $7.3 billion for Services revenue, representing a 22 percent growth over the same quarter in 2016.
“We continue to see great performance all around the world, with double-digit growth in each of our geographic segments,” Cook said in an earnings call with investors. “Over the last 12 months, our Services business has become the size of a Fortune 100 company, a milestone we’ve reached even sooner than we had expected.”
Cook was also pleased by the acceleration in Apple Watch sales which were up more than 50 percent, making it the top selling Smartwatch in the world “by a very wide margin.”
During the Q&A sessions with investors, Cook revealed Apple has big plans for its autonomous systems, and they won’t just be for self driving vehicles.
“We do have a large project going and are making a big investment in this,” Cook said. “From our point of view, autonomy is the mother of all AI projects. And the autonomous systems can be used in a variety of ways and a vehicle is only one. But there are many different areas of it and I don’t want to go any further with that.”
Cook was also questioned about U.S. President Donald President Trump’s comment that Apple had promised to build three “big, beautiful plants” in the U.S. as part of a commitment to creating high-paying jobs within the country.
The CEO, who is notorious for being coy about Apple’s plans, gave a typical non-answer.
“We’ve created two million jobs in the U.S., and we’re incredibly proud of that. We do view that we have a responsibility in the U.S. to increase economic activity, including increasing jobs, because Apple could have only been created here. And so as we look at that two million, there are three main categories of that, and we have actions going on in each of them to further build on that momentum.”
Cook also said Apple is sinking funds into education to give more young people the chance to learn to code and become developers.
“I think this area in general and all the things we do for the developer community will be the largest contribution that Apple can make because this is the fastest growing job segment in the country, and I think will be for quite some time.”