Apple results calm iPhone sales concerns

Apple results to reveal iPhone X problem

Apple results to reveal iPhone X problem

Apple Inc sold 52.2 million iPhones in its fiscal second quarter, in line with analysts' expectations, showing demand remains strong for the company's most-important product.

Apple expects revenues of $US51.5 billion-$US53.5 billion, suggesting growth of around 18% from the June 2017 quarter and better than estimates from the market of $US52 billion.

The iPhone X launched in November 2017 and starting at $1,000 and topping out at $1,150 it's Apple's most expensive handset ever.

The company said it expects to complete its previous share buyback programme, worth United States dollars 210 billion, during the quarter, and the dividend of USD 0.73 per share will be paid later this month.

IPhone sales weren't the only thing that were up this quarter, the iPad experienced a slight growth, selling 9.1 million units as opposed to 8.9 million sales this time a year ago.

In a recent conference called with analysts by Apple CEO Tim Cook, he said that the company's revenue between January and March was at $61.1 billion, Tom's Guide reports. "We also grew revenue in all of our geographic segments, with over 20 per cent growth in Greater China and Japan", he said.

Before the earnings release, evidence were mounting that Apple could be slowing down iPhone X production in light of weakening sales in China, its largest overseas market.

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Cook also said the iPad Pro and Apple Pencil, both popular with artists and students, are rejuvenating the market for iPads, and he boasted of strong sales of HomePod, its smart speaker offering. Services revenue grew 31% year over year and revenue from "Other Products" increased 38%.

iPhone moved 52.2 million units, up 3% year over year. Analysts have been modeling revenue of $51.54 billion.

Although the iPhone still accounts for more than half of all sales, Apple is becoming less reliant on its top earner, and the real growth this time around came in services, which is made up of businesses such as Apple Music, iCloud and App Store.

Apple bought $23.5 billion of stock in the March quarter, and said it planned to hike its dividend 16 per cent, compared with a 10.5 per cent increase previous year. Cook noted that wearables, which include the Apple Watch, had a 50% hike in revenue.

Following the publication of its results, the company's shares rose 3.84% in extended trading.

For Q3 2018, Apple is offering a revenue guidance range between $51.5 billion and $53.5 billion, with gross margin between 38 percent and 38.5 percent.

According to Luca Maestri, the company's CFO has said that Apple now has greater flexibility from global cash, which they can use to "efficiently invest in [the company's] USA operations and work toward a more optimal capital structure".

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