The stock prices of tech giant Apple experienced quality growth this week. The reason for this is because the company announced its fiscal third quarter earnings report.
A recent Forbes article recapped the conference call where Apple executives broke down the numbers. The underlying note is that the overall tech market is gaining more competition, and the mobile device stronghold the company has with the iPhone and iPad is getting smaller.
Despite this, the iPhone leads the way for another strong quarter for Apple. Products shipments jumped 20 percent to 31.2 million units, which was well above expectations.
"Apple has clearly relied on the iPhone as their main product over the past several years, also benefiting from the rise of the tablet and the dominance of their iPads," the article reads. "But with margins per product declining, and competition becoming intense, it will become increasingly difficult for Tim Cook & Co. to deliver growth levels seen in previous years."
Overall revenue per sale was down slightly on many of the top end products, but the company also reported having a cash stash of $146.6 billion and has increased its research and development spending 33.6 percent to 3.3 billion in last nine months.
The follow-up press release about the numbers also features a tease for the future of the company. CEO Tim Cook said that Apple will be "laser-focused" and is hard at work on "amazing" new products that will be introduced over the next 18 months.
This could mean a more products that businesses need to deploy to keep up with the competition, something an IT consulting company can help with.