Apple announced the financial results for its fiscal third quarter of 2016 this afternoon, and although they beat Wall Street estimates, the numbers are pretty rough. iPhone sales are down 7 million units, and revenue is down $7 billion from the year-ago quarter.
Following the release of its earnings, CEO Tim Cook and CFO Luca Maestri hopped on a conference call to talk about Apple’s performance over the last few months, and offer up some insights into its future. Here are your 15 most interesting points from that call.
- Tim Cook: App Store revenue up 37%, at an all-time high
- iTunes Store set a new record for customer transactions
- Services now account for 11% of Apple’s overall revenue
- Apple expects its ‘services’ category to be the size of a Fortune 100 company by 2017
- iPhone SE demand outstripped supply through June quarter
- iPhone SE is popular in both developed and emerging markets
- Switchers again accounted for record high percentage of iPhone buyers
- iPhone install base has grown by 34% over the past year in China
- iPhone sales in India up 51% year-over-year in first three quarters this year; one of Apple’s fastest-growing markets
- 3 out of 4 contactless payments made with Apple Pay
- There are more than 11 million contactless POS in participating Apple Pay countries
- Apple Pay is now available in 9 markets, including 6 out of Apple’s top 10 markets
- Apple now has $231.5 billion in cash and marketable securities
- Apple returned $13 billion to shareholders last quarter
- Apple made 3 acquisitions in Q3
If you want to listen to today’s earnings call, a replay will be available here for a limited time.