The iPad arrested its long slide in Apple's fiscal third quarter

Apple announced its financial results for the third quarter of its fiscal 2017 today. The company took in $45.4 billion in revenue, up 7% year-over year, and posted operating income of $10.8 billion, up 6.6% from a year ago. Net income rose 11.8% to $8.7 billion, up from $7.8 billion a year ago. Gross margin was 38.5%, up slightly from a year ago.

iPhone sales grew 2% to 41 million units, up from 40.4 million a year ago. iPhone revenue totaled $24.8 billion, up 3% on the year. iPad sales grew for the first time in recent memory. The company moved 11.4 million units, up from about 10 million a year ago. The 15% increase in unit shipments arrested a long series of double-digit declines for the product line, possibly thanks to a more powerful and more affordable entry-level iPad. iPad revenues only grew 2% over this time last year to $5.6 billion, however. Mac unit shipments grew 1% to 4.2 million, and Mac revenues increased 7% to $5.6 billion.

Services remain one of Apple's fastest-growing businesses by revenue. The company made $7.3 billion off its various digital subscriptions and storefronts, up 22% from a year ago. Other Products revenue also increased a healthy 23% on the year to $2.7 billion. For its fiscal fourth quarter of 2017, Apple expects revenue between $49 billion and $52 billion and a gross margin of between 37.5% and 38%.

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