Apple sells 31 million iPhones: Is it enough to please Wall Street?

The tech giant barely beats investors' low expectations

iPhone
(Image credit: Facebook.com/iPhone)

Tuesday afternoon, Apple reported $6.9 billion in profit on $35.3 billion in revenue for the third fiscal quarter — just topping Wall Street's pessimistic expectations of $35.18 billion, and slightly beating sales for the same quarter last year.

Though sales of iPads and Macs came in a bit low, Apple sold 31 million iPhone units, less than the 37.4 million it shipped last quarter, but outpacing analysts' guesstimate of 26 million by a long shot. Even as the smartphone market matures, with Samsung and Google scooping up some of the market, the iPhone is still delivering.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us

Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.