Apple revenue up as iPhone X continues to ring up sales

Posted May 03, 2018

This is 16 per cent up on figures posted for the same quarter in 2017.

Apple shares are up 4.4% to $176.49. "Across all our services, paid subscriptions surpassed 270 million, up over 100 million from a year ago and up $30 million in the last 90 days alone, contributing to the overall increase in services revenue".

One piece of data that doesn't seem to jive with Cook's comments about the premium priced iPhone X, is the Average Selling Price of iPhone units sold during the fiscal second quarter.

"We were surprised somewhat that through all of this period of time that the iPhone X winds up as the [best] selling, most popular [device] for every week. since the launch" in November, Cook said Tuesday during a conference call with analysts.

With a mountain of overseas cash suddenly freed up by the tax overhaul, Apple bought back $23.5 billion of its own stock in the March quarter, a record amount for any US company, according to S&P Dow Jones Indices, and it added $100 billion to its target for future repurchases. Zacks Investment Research's sales averages are an average based on a survey of research analysts that that provide coverage for Apple.

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Apple said it had sold 52.2 million iPhones during the first three months of the year.

Sales of iPhones, which account for almost two-thirds of company revenues, rose during the quarter, although total volume came in at 52.2 million units, a bit below consensus estimates of 53 million.

Apple previously promised to hire 20,000 more workers during the next five years, including some at a planned new campus in a still-to-be-identified USA city outside California.

According to market research firm Counterpoint Research, the company had sold 2.9 million devices in 2016-17 compared to 2.2 million in the previous fiscal year.

Although Apple sold slightly fewer iPhones than expected - and at a lower price - during the quarter, Cook said he's optimistic there's room to run in the smartphone market worldwide. So it is not worth to expect that Apple will decrease prices anytime soon.

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The shares gained in late trading on Tuesday after it reported iPhone sales in line with analysts' expectations, gave a bullish revenue forecast and highlighted a surging services business. Several iPhone suppliers and manufacturers reported disappointing results in recent weeks, sparking concern that Apple's numbers would be weak. "We're looking forward to adding new features to HomePod". But the report shows that defying all the speculations iPhone X collected a record revenue in the second quarter.

The company plans to spend $10 billion opening and expanding data centres in the US and another $20 billion on other long-term projects, but it's unclear how much of that Apple would have spent anyway.

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

Operating expenses are expected to come in at $7.7 billion for the third quarter.

"We believe tariffs at the end of the day are a tax on the consumer", Maestri said.

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And Apple's services revenue, which includes iCloud and Apple Music subscriptions and its share of app sales, rose 31 per cent to US$9.2 billion.