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California-based Technology Company Reports Third Quarter Earnings 

California-based Technology Company Apple reported the third-quarter earnings on Tuesday, which exceeded Wall Street expectations. Apple’s major product lines grew over 12% on an annual basis. Apple’s sales were up 36% from the June quarter last year. iPhone sales increased nearly 50% on an annual basis. Apple stock was down over 2% in extended trading. It dropped on Tuesday after Apple warned that its earnings call growth in the September quarter would not be as strong as June’s. The California-based Technology company had a strong quarter in its Greater China region like Taiwan and Hong Kong in addition to the mainland.

The company reported $14.76 billion in sales in the region, up 58% from the same quarter last year. Americas sales were up nearly 33% year-over-year to $39.57 billion. The company’s quarter ending in June is one of its slowest of the year, but the company has profited from work-at-home and remote schooling trends that increased sales of its premium computers.

Last year’s June quarter was a company record for sales despite lockdowns around the world, so Apple is growing even compared to a strong basis from a year ago. Services were up 33% year-over-year, an acceleration from last quarter’s 26.7% growth rate. Apple now has 700 million paid subscribers, up 150 million year-over-year.

Apple paid a dividend of $0.22 per share of stock. In a statement, Apple said that it spent $29 billion on shareholder return during the quarter. The company reported the gross margin as Gross margin: 43.3% vs. and the analyst estimated it as 41.9%. California-based Technology Company earned $8.24 billion, but the analyst estimated it as $8.07 billion estimated.

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