Thursday, 24 May, 2018

IPhone X is a flop? Actually, it's Apple's best-selling iPhone model

Apple results to reveal iPhone X problem By the numbers: Apple's earnings and what to watch out for
Olivia Ford | 03 May, 2018, 16:53

CEO of Apple, Tim Cook has said that the second quarter was the "best March quarter ever, with strong revenue growth in iPhone, Services, and Wearables".

Apple cheered investors last night as it promised to hand them $100 billion, boosted its quarterly dividend and hailed its controversial iPhone X smartphone as a "Super Bowl winner".

Apple narrowly beat the expectations of Wall Street on Tuesday by posting $61.1 billion in revenue in its most recent quarter and earnings per share of $2.73.

Apple revenue rose 16 percent to $61.1 billion during the fiscal second quarter.

In fact, a staggering 52.2 million handsets were sold since January with the iPhone X appearing one of the most popular - dismissing concerns raised by some analysts that this new fladhsip's sales were slow. This is a surprise to many analysts who in the past weeks expected iPhone sales to crater, amid reports that Apple suppliers such as Samsung had drastically cut projections for the upcoming quarter.

Apple's Services and "Other Products" businesses saw the most impressive growth during Q2, with sales of $9.1bn (up 31 per cent) and $3.95bn (up 38 per cent). Analysts now project revenues of $52.04 billion.

Apple doesn't break down its Other Products category, so it's hard to know how its new smart speaker is doing. The iPhone X was launched on the very same day as the global launch. The company shipped 52.2 million iPhones during the first three months of the year, up by just 3 percent from 2017.

Apple is set to buy back stock starting in the June quarter, and said it had bought back $23.5 billion of stock during the March quarter, Reuters reports. That's up from $52.9 billion a year ago, though down from $88.3 billion on the last quarter. That's 14 percent up from the same quarter as previous year.

Apple traditionally updates its share buyback and dividend programme each spring, and the $100 billion it added this year compares with an increase of $50 billion last year.

Apple has been emphasizing its contributions to the USA economy in recent months, outlining a $30 billion US spending plan and highlighting the tens of billions of dollars it spends each year with USA -based suppliers. Apple announced revenue from Greater China market grew 21 percent during the second quarter.

"And so we are working toward those things".

The company, flush with a huge cash pile on strong earnings enhanced by the USA tax cut plan of 2017, announced $100 billion in new share buybacks plus a 16 per cent boost to its quarterly dividend.

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