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Apple CEO Tim Cook talks all-time records and accelerating growth in wearables

  • August 05, 2019

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Following its fiscal third-quarter update on Tuesday afternoon, Apple stock rose sharply on Wednesday. The gain added to the stock’s sharp year-to-date gain this year. Shares are up 38% since Jan. 1.

Apple’s fiscal third quarter showed how segments beyond iPhone are helping the tech giant return to top-line growth. Revenue rose 1% year over year during the period, despite a 12% decline in iPhone revenue. This performance was fueled by strong growth in services, wearables, Mac, and iPad.

To get a better look at how trends are improving for Apple, consider these three takeaways from the company’s fiscal third-quarter earnings call.

Apple’s all-time records in services

Apple’s second-largest segment after iPhone – services – continued its strong growth in fiscal Q3. Revenue in the segment grew 13% year over year, or 15% when excluding a one-time favorable item in the year-ago quarter.

Highlighting the segment’s strength, it’s benefiting from broad-based momentum, with strength across a range of services and growth in all of its geographic segments.

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“We set new all-time records for AppleCare, Music, cloud services, and our App Store search ad business and we achieved a new third quarter revenue record for the App Store,” explained Apple CEO Tim Cook during the call. “What’s more, we had double-digit services revenue growth in all five of our geographic segments.”

Accelerating growth in wearables

Apple’s fastest-growing segment in fiscal Q3 was its wearables, home, and accessories segment. Revenue in this segment rose 48% year over year. Playing a key role in this robust growth were Apple’s wearables products: the Apple Watch, AirPods, and Beats-branded products.

“(I)t was another sensational quarter for wearables, with growth accelerating to well over 50%,” explained Cook. This is up from a year-over-year growth rate for wearables revenue of “near 50%” in fiscal Q2.

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The CEO continued:

We had great results for Apple Watch, which set a new June quarter revenue record and is reaching millions of new users. Over 75% of customers buying Apple Watch in the June quarter were buying their first Apple Watch. We continue to see phenomenal demand for AirPods…

Progress in China

Apple’s revenue fell 27% and 12% in Greater China in fiscal Q1 and Q2, respectively, sparking concerns about the iPhone maker’s prospects in the important market. But performance in fiscal Q3 shows that sales are improving in the region.

“(E)ach of our categories – iPhone, iPad, Mac, wearables, services – everything improved sequentially [in Greater China],” Cook explained. “[W]e actually grew in constant currency for Greater China and we grew in Mainland China on a reported basis.”

On a reported basis, Greater China revenue in fiscal Q3 fell 4% year over year – a much smaller decline than in the previous two quarters.

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Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: short January 2020 $155 calls on Apple, long January 2020 $150 calls on Apple, short January 2020 $155 calls on Apple, and long January 2020 $150 calls on Apple. The Motley Fool has a disclosure policy.

The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

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  • 24/7 Wall St. reviewed 2018 GDP growth by state to identify the fastest growing and shrinking state economies.1 of 51
  • 50. Alaska nbsp; nbsp; bull; 2018 GDP change:  -0.3% nbsp; nbsp; bull; 2018 GDP:  $52.3 billion (6th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Educational services, health care, and social assistance nbsp; nbsp; bull; 1-yr. pop. change:  -0.3% (4th lowest)2 of 51
  • 49. Wyoming nbsp; nbsp; bull; 2018 GDP change:  +0.3% nbsp; nbsp; bull; 2018 GDP:  $38.4 billion (2nd smallest) nbsp; nbsp; bull; Largest contributor to growth:  Real estate and rental and leasing nbsp; nbsp; bull; 1-yr. pop. change:  -1.1% (the lowest)   ALSO READ: How the Economy of Wyoming Compares to Other States3 of 51
  • 48. Delaware nbsp; nbsp; bull; 2018 GDP change:  +0.3% nbsp; nbsp; bull; 2018 GDP:  $63.9 billion (9th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +1.0% (13th highest)4 of 51
  • 47. Rhode Island nbsp; nbsp; bull; 2018 GDP change:  +0.6% nbsp; nbsp; bull; 2018 GDP:  $53.7 billion (7th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Real estate and rental and leasing nbsp; nbsp; bull; 1-yr. pop. change:  +0.3% (15th lowest)   ALSO READ: The Size of Government in Rhode Island5 of 51
  • 46. Montana nbsp; nbsp; bull; 2018 GDP change:  +0.9% nbsp; nbsp; bull; 2018 GDP:  $44.8 billion (3rd smallest) nbsp; nbsp; bull; Largest contributor to growth:  Real estate and rental and leasing nbsp; nbsp; bull; 1-yr. pop. change:  +0.8% (16th highest)6 of 51
  • 45. Arkansas nbsp; nbsp; bull; 2018 GDP change:  +0.9% nbsp; nbsp; bull; 2018 GDP:  $115.9 billion (17th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.5% (24th highest)   ALSO READ: The State of Infrastructure in Arkansas7 of 51
  • 44. Connecticut nbsp; nbsp; bull; 2018 GDP change:  +1.0% nbsp; nbsp; bull; 2018 GDP:  $242.2 billion (23rd largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.3% (16th lowest)8 of 51
  • 43. Hawaii nbsp; nbsp; bull; 2018 GDP change:  +1.0% nbsp; nbsp; bull; 2018 GDP:  $80.8 billion (13th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Real estate and rental and leasing nbsp; nbsp; bull; 1-yr. pop. change:  -0.1% (7th lowest)   ALSO READ: How Incomes in Hawaii Compare to Other States9 of 51
  • 42. Mississippi nbsp; nbsp; bull; 2018 GDP change:  +1.0% nbsp; nbsp; bull; 2018 GDP:  $101.6 billion (15th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Educational services, health care, and social assistance nbsp; nbsp; bull; 1-yr. pop. change:  -0.2% (5th lowest)10 of 51
  • 41. Louisiana nbsp; nbsp; bull; 2018 GDP change:  +1.1% nbsp; nbsp; bull; 2018 GDP:  $231.2 billion (24th largest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +0.1% (9th lowest)   ALSO READ: How the Economy of Louisiana Compares to Other States11 of 51
  • 40. Vermont nbsp; nbsp; bull; 2018 GDP change:  +1.2% nbsp; nbsp; bull; 2018 GDP:  $30.0 billion (the smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  -0.2% (6th lowest)12 of 51
  • 39. South Dakota nbsp; nbsp; bull; 2018 GDP change:  +1.3% nbsp; nbsp; bull; 2018 GDP:  $45.9 billion (4th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.5% (24th lowest)   ALSO READ: The Size of Government in South Dakota13 of 51
  • 38. Kentucky nbsp; nbsp; bull; 2018 GDP change:  +1.4% nbsp; nbsp; bull; 2018 GDP:  $186.1 billion (22nd smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.4% (23rd lowest)14 of 51
  • 37. Iowa nbsp; nbsp; bull; 2018 GDP change:  +1.4% nbsp; nbsp; bull; 2018 GDP:  $170.7 billion (21st smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.4% (21st lowest)   ALSO READ: The State of Infrastructure in Iowa15 of 51
  • 36. Nebraska nbsp; nbsp; bull; 2018 GDP change:  +1.5% nbsp; nbsp; bull; 2018 GDP:  $112.2 billion (16th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.7% (21st highest)16 of 51
  • 35. Maryland nbsp; nbsp; bull; 2018 GDP change:  +1.6% nbsp; nbsp; bull; 2018 GDP:  $367.9 billion (15th largest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +0.6% (23rd highest)   ALSO READ: How Incomes in Maryland Compare to Other States17 of 51
  • 34. South Carolina nbsp; nbsp; bull; 2018 GDP change:  +1.6% nbsp; nbsp; bull; 2018 GDP:  $202.8 billion (25th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +1.3% (7th highest)18 of 51
  • 33. New Mexico nbsp; nbsp; bull; 2018 GDP change:  +1.8% nbsp; nbsp; bull; 2018 GDP:  $92.6 billion (14th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Mining, quarrying, and oil and gas extraction nbsp; nbsp; bull; 1-yr. pop. change:  +0.3% (19th lowest)   ALSO READ: How the Economy of New Mexico Compares to Other States19 of 51
  • 32. Ohio nbsp; nbsp; bull; 2018 GDP change:  +1.8% nbsp; nbsp; bull; 2018 GDP:  $601.5 billion (7th largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.4% (22nd lowest)20 of 51
  • 31. Oklahoma nbsp; nbsp; bull; 2018 GDP change:  +1.8% nbsp; nbsp; bull; 2018 GDP:  $193.0 billion (23rd smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.2% (11th lowest)   ALSO READ: The Size of Government in Oklahoma21 of 51
  • 30. Indiana nbsp; nbsp; bull; 2018 GDP change:  +1.9% nbsp; nbsp; bull; 2018 GDP:  $326.1 billion (18th largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.5% (25th lowest)22 of 51
  • 29. Kansas nbsp; nbsp; bull; 2018 GDP change:  +1.9% nbsp; nbsp; bull; 2018 GDP:  $152.3 billion (19th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.2% (12th lowest)   ALSO READ: The State of Infrastructure in Kansas23 of 51
  • 28. Maine nbsp; nbsp; bull; 2018 GDP change:  +1.9% nbsp; nbsp; bull; 2018 GDP:  $56.7 billion (8th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +0.3% (17th lowest)24 of 51
  • 27. New Jersey nbsp; nbsp; bull; 2018 GDP change:  +2.0% nbsp; nbsp; bull; 2018 GDP:  $554.7 billion (8th largest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +0.7% (20th highest)   ALSO READ: How Incomes in New Jersey Compare to Other States25 of 51
  • 26. Alabama nbsp; nbsp; bull; 2018 GDP change:  +2.0% nbsp; nbsp; bull; 2018 GDP:  $196.9 billion (24th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.2% (13th lowest)26 of 51
  • 25. New York nbsp; nbsp; bull; 2018 GDP change:  +2.1% nbsp; nbsp; bull; 2018 GDP:  $1.4 trillion (3rd largest) nbsp; nbsp; bull; Largest contributor to growth:  Information nbsp; nbsp; bull; 1-yr. pop. change:  +0.5% (25th highest)   ALSO READ: How the Economy of New York Compares to Other States27 of 51
  • 24. Pennsylvania nbsp; nbsp; bull; 2018 GDP change:  +2.1% nbsp; nbsp; bull; 2018 GDP:  $712.1 billion (6th largest) nbsp; nbsp; bull; Largest contributor to growth:  Information nbsp; nbsp; bull; 1-yr. pop. change:  +0.2% (10th lowest)28 of 51
  • 23. Illinois nbsp; nbsp; bull; 2018 GDP change:  +2.1% nbsp; nbsp; bull; 2018 GDP:  $764.2 billion (5th largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.0% (8th lowest)   ALSO READ: The Size of Government in Illinois29 of 51
  • 22. Minnesota nbsp; nbsp; bull; 2018 GDP change:  +2.2% nbsp; nbsp; bull; 2018 GDP:  $331.4 billion (17th largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +1.0% (14th highest)30 of 51
  • 21. New Hampshire nbsp; nbsp; bull; 2018 GDP change:  +2.2% nbsp; nbsp; bull; 2018 GDP:  $75.6 billion (12th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.6% (22nd highest)   ALSO READ: The State of Infrastructure in New Hampshire31 of 51
  • 20. Missouri nbsp; nbsp; bull; 2018 GDP change:  +2.3% nbsp; nbsp; bull; 2018 GDP:  $282.2 billion (22nd largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.3% (18th lowest)32 of 51
  • 19. West Virginia nbsp; nbsp; bull; 2018 GDP change:  +2.4% nbsp; nbsp; bull; 2018 GDP:  $71.3 billion (11th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Construction nbsp; nbsp; bull; 1-yr. pop. change:  -0.8% (2nd lowest)   ALSO READ: How Incomes in West Virginia Compare to Other States33 of 51
  • 18. North Dakota nbsp; nbsp; bull; 2018 GDP change:  +2.5% nbsp; nbsp; bull; 2018 GDP:  $51.2 billion (5th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Mining, quarrying, and oil and gas extraction nbsp; nbsp; bull; 1-yr. pop. change:  -0.3% (3rd lowest)34 of 51
  • 17. Wisconsin nbsp; nbsp; bull; 2018 GDP change:  +2.5% nbsp; nbsp; bull; 2018 GDP:  $299.8 billion (21st largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.3% (14th lowest)   ALSO READ: How the Economy of Wisconsin Compares to Other States35 of 51
  • 16. Georgia nbsp; nbsp; bull; 2018 GDP change:  +2.6% nbsp; nbsp; bull; 2018 GDP:  $522.4 billion (9th largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +1.2% (12th highest)36 of 51
  • 15. Massachusetts nbsp; nbsp; bull; 2018 GDP change:  +2.7% nbsp; nbsp; bull; 2018 GDP:  $501.3 billion (11th largest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +0.7% (18th highest)   ALSO READ: The Size of Government in Massachusetts37 of 51
  • 14. Michigan nbsp; nbsp; bull; 2018 GDP change:  +2.7% nbsp; nbsp; bull; 2018 GDP:  $468.4 billion (14th largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +0.3% (20th lowest)38 of 51
  • 13. Virginia nbsp; nbsp; bull; 2018 GDP change:  +2.8% nbsp; nbsp; bull; 2018 GDP:  $476.4 billion (13th largest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +0.7% (19th highest)   ALSO READ: The State of Infrastructure in Virginia39 of 51
  • 12. North Carolina nbsp; nbsp; bull; 2018 GDP change:  +2.9% nbsp; nbsp; bull; 2018 GDP:  $496.1 billion (12th largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +1.2% (8th highest)40 of 51
  • 11. Tennessee nbsp; nbsp; bull; 2018 GDP change:  +3.0% nbsp; nbsp; bull; 2018 GDP:  $322.9 billion (19th largest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +1.0% (15th highest)   ALSO READ: How Incomes in Tennessee Compare to Other States41 of 51
  • 10. Texas nbsp; nbsp; bull; 2018 GDP change:  +3.2% nbsp; nbsp; bull; 2018 GDP:  $1.7 trillion (2nd largest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +1.6% (6th highest)42 of 51
  • 9. Nevada nbsp; nbsp; bull; 2018 GDP change:  +3.2% nbsp; nbsp; bull; 2018 GDP:  $146.2 billion (18th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +2.0% (2nd highest)   ALSO READ: How the Economy of Nevada Compares to Other States43 of 51
  • 8. Oregon nbsp; nbsp; bull; 2018 GDP change:  +3.4% nbsp; nbsp; bull; 2018 GDP:  $213.7 billion (25th largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +1.2% (10th highest)44 of 51
  • 7. Colorado nbsp; nbsp; bull; 2018 GDP change:  +3.5% nbsp; nbsp; bull; 2018 GDP:  $336.4 billion (16th largest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +1.2% (11th highest)   ALSO READ: The Size of Government in Colorado45 of 51
  • 6. California nbsp; nbsp; bull; 2018 GDP change:  +3.5% nbsp; nbsp; bull; 2018 GDP:  $2.7 trillion (the largest) nbsp; nbsp; bull; Largest contributor to growth:  Information nbsp; nbsp; bull; 1-yr. pop. change:  +0.7% (17th highest)46 of 51
  • 5. Florida nbsp; nbsp; bull; 2018 GDP change:  +3.5% nbsp; nbsp; bull; 2018 GDP:  $917.0 billion (4th largest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +1.8% (3rd highest)   ALSO READ: The State of Infrastructure in Florida47 of 51
  • 4. Arizona nbsp; nbsp; bull; 2018 GDP change:  +4.0% nbsp; nbsp; bull; 2018 GDP:  $309.1 billion (20th largest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +1.2% (9th highest)48 of 51
  • 3. Idaho nbsp; nbsp; bull; 2018 GDP change:  +4.1% nbsp; nbsp; bull; 2018 GDP:  $69.9 billion (10th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Manufacturing nbsp; nbsp; bull; 1-yr. pop. change:  +2.0% (the highest)   ALSO READ: How Incomes in Idaho Compare to Other States49 of 51
  • 2. Utah nbsp; nbsp; bull; 2018 GDP change:  +4.3% nbsp; nbsp; bull; 2018 GDP:  $157.2 billion (20th smallest) nbsp; nbsp; bull; Largest contributor to growth:  Professional and business services nbsp; nbsp; bull; 1-yr. pop. change:  +1.7% (4th highest)50 of 51
  • 1. Washington nbsp; nbsp; bull; 2018 GDP change:  +5.7% nbsp; nbsp; bull; 2018 GDP:  $506.7 billion (10th largest) nbsp; nbsp; bull; Largest contributor to growth:  Information nbsp; nbsp; bull; 1-yr. pop. change:  +1.6% (5th highest)   ALSO READ: How the Economy of Washington Compares to Other States51 of 51

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