This is Tim: Apple's CEO on the company's 2016 Q3 earningsWhat's in store for Apple's third-quarter earnings call? We transcribe CEO Tim Cook's answers to questions about the iPhone, China, and more.
Apple CEO Tim Cook and CFO Luca Maestri spoke with analysts during the company's Q3 2016 earnings call. Here's our ongoing live transcript of their remarks, courtesy Rene Ritchie and Mikah Sargent.
Tim Cook's opening remarks
Tim Cook
Good afternoon and thank you for joining us. Today we're pleased to report results that reflect stronger customer demand and business performance than we anticipated just 90 days ago and include several encouraging signs. Revenue of $42.4 billion was near the high end of our guidance range and gross margin of 38% was at the top of our guidance range. We achieved these results while reducing channel inventory by about $3.6 billion, significantly more than the the $2 billion reduction we'd expected.
So, our sell-through was markedly greater than our sell-in. iPhone accounted for the vast majority of the chan...
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This is Tim: Apple's CEO on the company's 2016 Q3 earnings
