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

03 May, 2018, 18:36 | Author: Courtney Reynolds
  • Apple results to reveal iPhone X problem

In addition, the analyst from Sanford C Bernstein who predicted previous year that iPhone owners who had previously held back on updating would finally update with the iPhone X, reported no such "supercycle" had occurred. The company announced a revenue of $61 billion, up 16 percent on-year, and a net income of $13.8 billion, for the quarter ending March 2018.

Apple also will spend $100 billion more buying back its stock, a move that will enrich shareholders by helping to drive up the company's stock price.

The company's net income for the second quarter was United States dollars 13.8 billion, up from USD 11 billion a year ago. Apple sold 52.2 million iPhones, 9.1 million iPads, and over 4 million Macs during the quarter, earning $38 billion, $4.1 billion, and $5.8 billion respectively from these three verticals.

"Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter", Cook added.

And, although the iPhone remains the company's main driver of revenue, sales of services and other Apple products are growing.

Apple's Chief Financial Officer (CFO) Luca Maestri said during the conference call that Apple's Mac set a new March quarter revenue record, including new records in both the Americas and Greater China.

Storms kill at least 78 in western and northern India
The devastation is particularly severe in Agra , the northern Indian city where the Taj Mahal is located, according to officials. In Uttar Pradesh , "40 to 50" people were killed in sandstorms, State Revenue and Relief Commissioner Sanjay Kumar told ANI .

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 a year ago.

Cook suggested new services were in the works and said Apple's installed base of devices grew by double digits from a year earlier.

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.

Firstly the figures confirm that the iPhone sales are flat and while Apple is still doing well for now, the sources of future growth may still be murky. But these companies do not gain from Apple's expanding services offerings. "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.

Apple stock rose 3% in after hours trading Tuesday following the earnings report. The stock is now trading at almost $170, giving the company a value of about $840 billion. There has been recurring speculation that Apple might try to buy Netflix, a deal that would probably cost at least $150 billion and would break the mold for a company that has shunned major acquisitions through its history.

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