Apple-Chef Tim Cook can continue to present the iPhone company as a money machine in the home straight of his term in office. In the last quarter, profits rose by a good 19 percent year-on-year to 29.58 billion US dollars (25.2 billion euros). Cook, who will hand over the top job to the previous hardware manager John Ternus on September 1st, referred to “extraordinary” demand for the current iPhone model series.
iPhone sales rose by almost 22 percent to almost $57 billion. However, Apple missed the even higher expectations of analysts, who had expected an average of $57.2 billion. The stock was slightly down in after-hours trading.
However, Apple’s consolidated sales exceeded market expectations with an increase of 17 percent to $111.2 billion. A big driver was the 16 percent increase in revenue to almost $31 billion in the services business, such as subscriptions for music, streaming video and storage space.