Apple Delivers Another Blockbuster Quarter — Surprise

Apple makes money even as iPhone dies

Apple Delivers Another Blockbuster Quarter — Surprise

The stock climbed 3.6% in after-hours trading after Apple reported best-ever second quarter revenues of $61.1bn (£44.9bn), up 16% and ahead of expectations. During the call, Cook compared the iPhone X to a Super Bowl champion: "I think it's one of those things where a team wins a Super Bowl". The company has managed to beat Wall Street's expectations on the iPhone X front, according to the results. Apple CEO Tim Cook noted that this was Apple's sixth consecutive quarter of accelerating revenue growth.

Market concerns around flagging iPhone sales were all but forgotten overnight on Tuesday, as Apple announced its best ever second quarter results. Revenue from iPhones was up about $5 billion year-over-year, going from $33 billion to $38 billion, while the number of iPhones sold only increased from 51 million to 52 million - meaning Apple is generating significantly more money per iPhone than it was last year.

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The California-based firm which, like rivals, is under pressure amid a slowdown in smartphone sales said it had shifted 52.2 million handsets in its second financial quarter - up from nearly 51 million in the first three months of 2017.

Revenue grew in all geographic locations where Apple (NASDAQ:AAPL) is available, but global sales made up 65% of the revenue for this quarter. Apple's Board has declared a quarterly cash dividend of $0.73 per share of Apple's common stock payable on May 17, to shareholders of record as of the close of business on May 14. Apple has sold 4.1 million Macs, generating year-over-year growth in many emerging markets including Latin America, West Asia and Africa, Central and Eastern Europe and India. Analysts had expected Apple to sell 53 million iPhones. Apple seems to have dodged another poorly predicted bullet.

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As CNET notes, the fears that were stoked with regards to the sales of the iPhone X are likely overblown. It did not give a target for earnings per share.

"The iPhone X is a beloved product". Cook also said this was the most popular smartphone in all of China for the quarter and has done well in the market. Paid subscriptions surpassed 270 million, across services, which is an increase from the 100 million in 2017. Cook noted that wearables, which include the Apple Watch, had a 50% hike in revenue.

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He said Apple would spend $US30 billion in capex in the next five years. Nonetheless, Tim Cook during Apple's earnings conference call revealed that the iPhone X has remained the company's best-selling iPhone model - week in and week out - since the device first launched back in November. "We also collect much less overall than others do...." On top of this, he didn't think tariff issues between the United States and China would pose a problem for sales in the future because "there's a lot of things that bind the countries together", according to a recent BBC interview.

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