Apple posts 'record' March quarter in India, China slows

Apple posts 'record' March quarter in India, China slows

Apple reported second-quarter profit of $11.03 billion or $2.10 per share compared with $10.52 billion or $1.90 per share previous year.

Cramer's comments came a day after the tech giant's stock took a dip after it reported fewer-than-expected iPhone sales in the last quarter.

Meanwhile Apple Mac sales rose from 4 million a year ago to 4.2 million (in line with analyst expectations). Unfortunately for Apple, the increased competition from cheaper, local Chinese competitors and the strong dollar were detrimental to its Chinese turnover, down 14 %. However, the report was not all bad news.

Cook, who was in India past year, said that Apple had set a new March quarter record for India, where revenue grew by strong double digits. Net income for the second quarter was up from $10.52 billion, or $1.90 per share, a year earlier to 11.03 billion, or $2.10 per share, which was slightly lower than expectations of $2.02 per share. He also said in a statement that the firm has noted "great customer response" to both models of the new iPhone 7. And traffic - which for us is incredibly important in the retail stores because we do a lot more than sell - traffic was up 27% year on year.

Apple posts 'record' March quarter in India, China slows
Apple posts 'record' March quarter in India, China slows

But the results apparently underwhelmed investors, as Apple's share price fell 0.6% to $147.51 in regular trading on Tuesday and then dropped as much as 2.4% to $143.86 after hours. Apple doesn't provide revenue break-up by geography.

"In our view, consumers are becoming aware of the product cycle and we believe this should cause increased seasonality in the product as consumers await updated and fully remade iPhones", said Amit Daryanani, an analyst at RBC Capital Markets.

"We generated strong operating cash flow of $12.5 billion and returned over $10 billion to our investors in the March quarter", said Luca Maestri, Apple's CFO.

Apple's Other Products group, a category that includes the Apple Watch and Apple TV, boosted revenues by 31 per cent to $2.87bn year-over-year. This accounted for $33.25 billion in revenue or 63 percent of the total.

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