Apple Inc posted stronger-than-expected revenue in the fiscal third quarter, giving John Ternus, the new CEO, an upbeat start to his tenure, which began in September. The solid results bucked a downward trend for tech giants this quarter, as companies including Alphabet, Amazon and Intel had disappointing quarterly results. The Cupertino, California-based company earned $30.71bn, or $2.10 a share, in the July-September period.
That’s up 12% from $27.47bn, or $1.85 a share, in the same period a year earlier. Apple said its earnings included five cents a share from tariff refunds. Revenue rose 12% to $114.5bn from $102.5bn.
Analysts, on average, were expecting earnings of $1.99 a share on revenue of $113.4bn, according to a poll by FactSet. While its rivals are facing investor uncertainty over huge investments in artificial intelligence, Bourne said Apple’s “tepid approach” to AI infrastructure spending helps preserve its cash flow – while partnerships with companies such as Alphabet could help Apple strengthen its AI capabilities without taking on the same financial risks as its peers.
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