Apple Reports Q3 Beat, Shares Up 3%

Apple Inc. (NASDAQ:AAPL) shares were trading more than 3% higher Friday afternoon following the company’s reported Q3 earnings results, with EPS coming in at $1.20, better than the Street estimate of $1.16. Revenue increased 2% year-over-year to $83 billion (Q3 record), compared to the Street estimate of $82.59 billion.

The company’s product segment, representing 76% of total revenue, was down 1% year-over-year. iPhone sales grew 3% year-over-year to $40.7 billion, beating the Street estimate of $38.6 billion. Mac was down 10% year-over-year on COVID-impacted primary supplier production loss in Shanghai. iPad sales were down 2% year-over-year on supply issues but sees strength in consumer, education, and enterprise.