Thursday, 24 May, 2018

Apple announces slow iPhone sales, but $100 billion for investors

Apple results to reveal iPhone X problem Investors are finding new reasons to love Apple now that the iPhone is fading
Oscar Goodwin | 03 May, 2018, 17:29

However, Cook was happy to point out that sales of wearable devices jumped almost 50 percent on a year earlier, attributable at least in part to the launch of the first cellular Apple Watch toward the end of 2017.

Apple stock rose 3% in after hours trading Tuesday following the earnings report.

Although the share buyback helped push the shares higher, overall the quarter was "impressive", said Ben Stanton, an analyst at Canalys.

Some analysts had questioned whether demand for the most expensive iPhone would hold up after the initial rush.

Heading into the quarter, some analysts had expressed worry about lacklustre demand for Apple's latest version of the iPhone, the iPhone X. The average selling price was $728, versus analysts' expectations of $740.

Tim Cook said during in the earnings call that Apple is encrypting user data and keeps most of the information on the device so the user is in control.

The news comes ahead of the companies next big event.

And, although the iPhone remains the company's main driver of revenue, sales of services and other Apple products are growing. Sales of iPhone hit 52.2 million, it sold 9.1 million iPads - which may have seen a slight boost by the launch of its "cheap" iPad in the final week of the quarter - and 4.1 million Macs. Although scheduled to launch in India in May this year, Apple launched the iPhone 8 Red and the new iPad 6th generation in April itself.

"China, I continue to believe is a phenomenal country with lots of opportunity from a market point of view, but also lots of opportunity from an app developer's point of view", Cook said during the earnings call.

Net income was also up to $13.8bn (£10.1 billion), compared with $11bn (£8bn) in the same period of 2017.

Apple announced its second quarter results for 2018 for the period ending March 2018.

While talking about the Indian operations, Cook said, "We set a new first-half record". "It's a terrific market, and we're very happy to be a part of it", he said.

Over the next six months, Munster predicted the buzz around Apple will be in anticipation of new phones, including three models coming out this fall, with one rumored to be 25 percent larger than current models. It has purchased about $200bn of stock since 2012.

The biggest overhaul of the US tax code in over 30 years, the new law slashes the corporate income tax rate to 21 percent from 35 percent, and charges multinationals a one-time tax on profits held overseas.

Apple also said it would increase the quarterly dividend by 16%.

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