Apple sold 52.2 million iPhones during the quarter
Apple sold 52.2 million iPhones during the quarter
Apple results to reveal iPhone X problem
03 May, 2018, 16:01
Since the launch of its initial capital return program in August 2012, through March 2018, Apple has returned $275 billion to shareholders, including $200 billion in share repurchases.
Of course, with the iPhone still accounting for the vast majority of Apple's revenue, analysts tend to gauge Apple's financial health by closely keeping tabs on quarterly iPhone sales. Analysts believe the heavy emphasis on buybacks will bolster share prices, but some investors wished Apple had found different uses for the cash.
Apple sold 52.22 million iPhone units during quarter, generating $38.03 billion in revenues, up from 50.76 million units and $33.25 billion in revenues previous year. Analysts expected sales of $60.9 billion and earnings per share of $2.64, according to data compiled by Bloomberg. Wall Street were expecting iPhone sales to be about 53 million units. Previously, new iPhone models started at around $650.
But investors were cheered by progress elsewhere - with shares rising by up to 5% as revenue and profits surged and on confirmation the company was to reward shareholders through proceeds it was repatriating to the United States following tax reforms announced by President Trump.
The company forecasted a midpoint of $52.5 billion in revenue for the June quarter, beating analyst expectations of $51.6 billion.
Applereported revenue of $61.1bn in the quarter, with $9.1bn coming from its services business, which includes Apple Music, the App Store and iCloud. Heading into earnings, investors were hopeful that growth in that segment could help offset the cooling global smartphone market. That's good for a revenue increase of 16% over 2017 and a massive earnings-per-share boost of 30%. It also sold more iPads year on year 9.1 million compared to 8.9 million during the same period in 2017.
Cook even went so far as to say that the iPhone X is outselling any of its other models on a weekly basis.
SYDELL: And then there's the tension over trade with China. That's the first time that's happened for Apple, and Tim Cook says it feels like winning the Super Bowl. Cook also saidApple was narrowing its search for a new campus and expects to add some 20,000 jobs in the United States over the next five years.
The iPhone is Apple's most important product, resulting in about two-thirds of sales for the company. In the final minutes of trading on Tuesday, shares hit $169.05, a rise of 15 percent in the last 12 months. "There's going to be a shift over the next few quarters and couple years where investors are less interested on what the iPhone numbers [are] in any given quarter", said Munster.
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