Strong 3rd Quarter for Apple Ahead of iPhone X Launch
We're boosting our fair value estimate based on improved iPhone pricing and gross margin assumptions.
Apple's revenue in the June quarter was $45.4 billion, up 7% year over year and toward the high end of the firm's forecast range of $43.5 billion-$45.5 billion. Apple sold 41 million iPhones in the quarter, up 2% year over year while many emerging markets saw 25%-plus growth. The firm noted sales of the high-end iPhone 7 and 7 Plus were more than 10% higher than 6s and 6s Plus sales a year ago.
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