In its seasonally weakest quarter, Apple Inc. (AAPL) beat expectations nearly across the board.
The tech giant reported $53.3 billion in revenue for the quarter, beating analysts' consensus of $52.3 billion. That represented growth of 17% versus expectations of 15%. It also beat projections on its earnings per share, reporting $2.34 versus a $2.16 consensus.
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iPhone sales, a closely-watched metric because Apple earns the majority of its revenue from phone sales, also beat forecasts despite the fact that total unit sales were slightly lower than what analysts had predicted. Total unit sales for the quarter were 41.3 million, but iPhone revenue increased 20% -- signaling that sales of the iPhone X, which retails at $1,000 and up, as well as the iPhone 8 and 8 Plus, which start at $700 and $800, respectively, are driving the boost.
Apple's closely-watched iPhone average selling price (ASP) for the quarter came in at $724, versus consensus estimates of $693.
"Because of their strength in the high-end luxury end of the market, [Apple is] able to generate free cash flow and buy back a lot of stock. I anticipate both trends will continue," said Tom Forte of DA Davidson.
Meanwhile, CEO Tim Cook said in a press release that "our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline."
iPad and Mac revenue weren't so hot, each dropping 5% to $4.7 billion and $5.3 billion respectively. Services, another closely-watched segment that includes the App Store, iCloud, iTunes and other software-driven Apple products, increased 31% to $9.5 billion.
The company also reported that it spent more than $20 billion on stock buybacks during the quarter, which is expected to boost Apple's stock over time by lowering its massive cash balance and lifting its earnings-per-share ratio.
Apple shares were rising 3.6% after-hours to a new all-time high of $197.20 .