Thursday, 16 August, 2018

Apple tops Q2 expectations thanks to 'best-selling' iPhone X

Apple results to reveal iPhone X problem Apple Sued Over the Cameras Inside iPhone 8 Plus and iPhone X
Beatrice Douglas | 03 May, 2018, 16:00

Sales were modestly up year over year - versus Q2 2017's 50.76 million iPhones, 8.92 million iPads, and 4.199 million Macs, which generated $52.9 billion in quarterly revenue - with a 16 percent improvement for Q2 2018.

"Customers chose iPhone X over any other model every week during the March quarter, just as they did in the December quarter", Cook told investors. Cook did not disclose how many of those sales were for the iPhone X, but said that it was the most popular mobile in China in the last quarter.

Apple has been emphasizing its contributions to the USA economy in recent months, outlining a $30 billion US spending plan and highlighting the tens of billions of dollars it spends each year with US -based suppliers.

The tax bill makes it cheaper for Apple to bring back the more than $250 billion it holds overseas.

Buoyed by the fact that more Indians are set to move into the middle class, Cook said he will now put great energy into the growing domestic market.

For his part, Tim Cook clarified that he is optimistic about Apple's growth in the new markets and that he sees great opportunity to convert mobile phone users to smartphones in these areas.

Services revenue, such as iTunes, came in at $9.2 billion, up from $7 billion a year ago.


Firstly the figures confirm that the iPhone sales are flat and while Apple is still doing well for now, the sources of future growth may still be murky.

Apple doesn't break down its Other Products category, so it's hard to know how its new smart speaker is doing.

Revenue grew in all geographic locations where Apple (NASDAQ:AAPL) is available, but worldwide sales made up 65% of the revenue for this quarter.

Sales of 52.2 million iPhones against a Wall Street target of 52.3 million was a comfort and up from 50.7 million past year, according to data from Thomson Reuters I/B/E/S.

Daniel Ives, an analyst with GBH Insights, wrote in an investor note last week that Wall Street was in "full panic mode" over iPhone sales ahead of Apple's earnings report. Specifically, Cook said wearable revenue was up almost 50% over previous year.

The company also raised its dividend by 16 percent and approved a new $100 billion share buyback plan. "With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our U.S. operations and work toward a more optimal capital structure", said Luca Maestri, Apple's CFO.

Wall Street's belief that Apple will pass along most of its cash to shareholders has helped bolster its stock, even though its latest iPhones haven't spurred as much sales growth as most investors hoped.

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