Apple has said its net income surged to $11.5 billion in the third fiscal quarter ended June 30, 2018, as compared to $8.7 billion in the corresponding period of 2017, reflecting an increase of more than 30 per cent.

The Cupertino, California-based company posted quarterly revenue of $53.3 billion, an increase of 17 per cent from the year-ago quarter, and quarterly earnings per diluted share of $2.34, up 40 per cent. International sales accounted for 60 per cent of the quarter’s revenue.

“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” said Tim Cook, Apple’s CEO. “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.”

“Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion,” said Luca Maestri, Apple’s CFO. “We returned almost $25 billion to investors through our capital return program during the quarter, including $20 billion in share repurchases.”

Apple sold 41.3 million iPhones in the quarter,the company said in a statement on its website.

The company is providing the following guidance for its fiscal 2018 fourth quarter:

•    Revenue between $60 billion and $62 billion
•    Gross margin between 38 percent and 38.5 percent
•    Operating expenses between $7.95 billion and $8.05 billion
•    Other income/(expense) of $300 million
•    Tax rate of approximately 15 per cent before discrete items

Apple’s board of directors has declared a cash dividend of $0.73 per share of the Company’s common stock. The dividend is payable on August 16 to shareholders of record as of the close of business on August 13.- TradeArabia News Service