Apple shrugs off iPhone X fears and enjoys strong quarter

03 May, 2018, 10:06 | Author: Devin Moran
  • Apple results to reveal iPhone X problem

Shares of Apple have declined 1.6% since the beginning of 2018.

Apple last night reported a jump in second-quarter earnings and announced a new $100 billion share buyback plan, although sales of iPhone smartphones narrowly missed expectations. The new phones include the $1,000 iPhone X, which Apple has touted as the best since the first iPhone was introduced in 2007.

Apple CEO Tim Cook had made it clear all that money would be left overseas if the tax on foreign profits wasn't cut.

Apple has released its fiscal Q2 results and the numbers are, as is often the case, mind boggling. The company shipped 52.2 million iPhones during the first three months of the year, up by just 3 percent from 2017. That's 14 percent up from the same quarter as past year. In March, Apple launched refreshed its iPad lineup.

Apple shares ended the Tuesday US trading session 2.32% higher at $169.10.

The company's Services and Other Products verticals earned it $9.1 billion and $3.9 billion in revenue respectively, marking uniform revenue growth year-on-year across all verticals, barring Macs. Apple seems to have dodged another poorly predicted bullet.

But Apple chief executive Tim Cook said: "This is the first cycle that we've ever had where the top of the line iPhone model has also been the most popular". The tech business also reported iPhone sales levels that were only marginally below its own expectations. He said the ASP growth was "mainly driven by iPhone X", indicating the $1000 price point had worked in the company's favour.

Analysts had feared the iPhone X model's $999 (roughly £730) price tag could have muted demand for the handsets. Revenue from Apple's Services division, meanwhile, increased by 31% year over year. - Tim also noted that Apple's wearables business is now the size of a "Fortune 300" company, reporting that wearables revenue was up nearly 50 percent from sales of AirPods, Beats, and of course, Apple Watch. Apple Watch had double digits yearly growth. The statement is important in light of the data leaks being revealed at Facebook. "I think history shows us that countries that embrace openness and diversity do much, much better than the ones that are closed". You're not our product.

On a conference call, Cook downplayed the notion of a brewing trade war between the US and China, noting that the iPhone was "the most popular smartphone in all of China" in the second quarter.

India, the third largest smartphone market in the world, has huge opportunities for Apple, Cook said. 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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