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Apple announced strong Q3 earnings

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Apple announced another strong quarter driven once again by strong iPhone sales. The company announced earnings of $1.85 per share on revenues of $49.6 billion for its fiscal third quarter ending June 15. Analysts were expecting earnings per share of $1.81 on revenues of $49.3 billion. In the same quarter a year ago, Apple reported earnings of $1.23 per share on revenues of $37.4 billion. Profits were $10.7 billion.

Apple sold 47.5 million iPhones in the quarter, extending the strong selling streak of the iPhone 6 and iPhone 6 plus.

Not all of the results were cheery as sales of iPhones in China were big drivers of Apple’s Q2 earnings, but overall revenues from China are down 21 percent from last quarter.

Tablet sales continue to flatten, continuing the trend from the December-ending quarter. Apple reported sales of 10.9 million units, a 18 percent drop from the year-ago period.

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And investors are not happy. Apple stock is down 6.9 percent in after hours trading.

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