Friday, 22 June, 2018

Apple sees profits soar as iPhone X sales defy expectations

What To Expect From Apple's Q2 Earnings Apple results to reveal iPhone X problem
Derrick Tucker | 03 May, 2018, 15:33

Announcing sales figures for the three-month period ending March 31, Apple said it sold 52.2 million handsets, up from 50.7 million a year ago, though down from 77.3 million during the previous quarter, which includes the busy holiday period.

On top of that, Apple's wearable business - which boasts products like the Apple Watch, Beats, and AirPods - is now the size of a Fortune 300 company, as revealed by Cook.

Apple shares closed higher in the US Tuesday after reporting a 16% increase in quarterly revenues amid its best ever second quarter performance. Nonetheless, Tim Cook during Apple's earnings conference call revealed that the iPhone X has remained the company's best-selling iPhone model - week in and week out - since the device first launched back in November. "We also grew revenue in all of our geographic segments, with over 20 percent growth in Greater China and Japan".

Cook said Apple is committed to protecting the data of its users, telling analysts that the company believes "privacy is a fundamental human right". That's the first time that's happened for Apple, and Tim Cook says it feels like winning the Super Bowl.

The iPhone remains the biggest revenue generator, with sales up 16 percent year-on-year to United States dollars 38.03 billion.

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Apple has announced a new $100 billion buyback program and is increasing its quarterly dividend after exceeding analyst expectations in its second quarter. But Apple said that the iPhone X was the best-selling model in every week of the quarter - despite costing nearly $1,000 or £1,000. Cook particularly addressed how the company is doing in India, the world's fastest growing smartphone market.

In addition, the analyst from Sanford C Bernstein who predicted past year that iPhone owners who had previously held back on updating would finally update with the iPhone X, reported no such "supercycle" had occurred. That's 14 percent up from the same quarter as a year ago.

"So we're working toward those things". Gross margins were also in line with the Street with EPS coming in at $2.73 vs. the Street at $2.67. iPhone units shipped in the quarter were 52 million vs. Street expectations of 52 million.

The company - which has a cash pile in excess of US$300bn - unveiled a US$100bn share repurchase program and hiked its quarterly dividend by 16% to US$0.73 a share.

With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our United States operations and work toward a more optimal capital structure.

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