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Apple Beat Revenue and Earnings Estimates in Fiscal 3Q17

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Apple’s revenues rose 7% year-over-year in fiscal 3Q17

US-based (SPY) tech (QQQ) giant Apple (AAPL) announced its fiscal 3Q17[1. fiscal 3Q17 ended June 30, 2017] results on August 1, 2017. Apple reported revenues of $45.4 billion in fiscal 3Q17, a rise of 7% YoY (year-over-year) compared to revenues of $42.4 billion in fiscal 3Q16. 

Apple’s non-GAAP[2. generally accepted accounting principles] earnings per share (or EPS) in fiscal 3Q17 reached $1.67, a rise of 17.6% YoY compared to EPS of $1.42 in fiscal 3Q16.

During Apple’s fiscal 3Q17 earnings call, Apple’s CEO, Tim Cook, noted, “With revenue up 7 percent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue. 

“We hosted an incredibly successful Worldwide Developers Conference in June, and we’re very excited about the advances in iOS, macOS, watchOS and tvOS coming this fall.”

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What analysts expected from Apple in fiscal 3Q17

Analysts expected Apple to post revenues of $44.9 billion in fiscal 3Q17. Analysts had a high revenue estimate of $46.1 billion and a low estimate of $43.2 billion in fiscal 3Q17. Analysts expected the firm to post EPS of $1.57 in fiscal 3Q17, with a high earnings estimate of $1.64 and a low estimate of $1.50.

Apple beat analyst revenue estimates by 1.1% and earnings estimates by 6.4% in fiscal 3Q17. Apple also beat analyst EPS estimates by 4% in fiscal 2Q17 when the firm posted EPS of $2.10.

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