Apple reveals mighty iPhone X sales news ahead of June event

Apple rallies on earnings beat despite soft iPhone sales

"Since we split the line with the launch of iPhone 6 and 6 Plus back in 2014, this is the first cycle that we've ever had where the top-of-the-line iPhone model has also been the most popular", Cook said. "... We have extremely low share in that market overall", Cook said during Apple's second quarter 2018 earnings call on Tuesday. Net incoming for the quarter came in at $13.82bn, up from $11.03bn in the year-ago quarter. Sales of iPhone hit 52.2 million, it sold 9.1 million iPads - which may have seen a slight boost by the launch of its "cheap" iPad in the final week of the quarter - and 4.1 million Macs.

Wall Street was also cheered by the announcement of $100bn in share buybacks, doubling the reward for investors compared to the same period previous year.

Total iPhone sales during the quarter, which account for more than 60 percent of Apple's total revenue, rose by 14 percent from past year.

Apple has reported strong iPhone sales that beat analyst forecasts, and promised additional stock buybacks, the media are saying.

Shares rose 3.2 per cent to $174.49 in after-hours trading.

Over the past few weeks, the prevailing narrative surrounding the iPhone X has been that sales of Apple's flagship device have been underwhelming. Cook said that one of the things that had "huge growth rates there" was the services business, a segment that includes the App Store, Apple Music and Apple Care revenue. "We're putting a lot of energy there and working with the carriers in that market, and they're investing enormously on the LTE networks", he added. While the iPhone numbers represent slight growth for Apple, they don't match the performance some analysts and investors expected when the iPhone X launched past year.

Regarding the third quarter, Apple issued guidance for revenue between $51.5bn and $53.5bn, and a gross margin of between 38% and 38.5%.

On a conference call, Cook downplayed the notion of a brewing trade war between the USA and China, noting that the iPhone was "the most popular smartphone in all of China" in the second quarter. Revenue rose 16 percent to $61.1 billion.

Apple also announced a 16% increase of its cash dividend to 73 cents per share, up from 63 cents per share, as well as a stock buyback program that will extend into the third quarter. The company intends to rectify that with a cheaper model with numerous iPhone X's features later this year, Bloomberg News has reported. HomePod sales weren't broken out and neither Cook nor CFO Luca Maestri had much to say about Apple's new smart speaker.

Related News:



Most liked

Details on location, date of meeting Kim coming in couple of days
It has urged the worldwide community to resolve the nuclear issue on the Korean Peninsula in a peaceful manner through dialogue. They had restarted their propaganda warfare in early 2016 when tensions rose sharply after North Korea's fourth nuclear test.

Why Mark Zuckerberg may want to avoid the UK
Since its initial announcement a year ago , Regina Dugan, Former DARPA director, has left her post where she headed Building 8. The latest example of the damage control campaign showed up a commitment to develop a Facebook-flavored right to be forgotten.

Twenty-vehicle accident closes I-80
Winds were gusting out of the south about 45 miles per hour when the crash occurred, according to the National Weather Service. Nebraska State Patrol says high winds kicked up dust from nearby fields and created zero-visibility conditions.

The United States pushing Saudi Arabia to war against Iran
The spiritual leader of Iran also accused the US that they are an economic war with his country. In exchange, Iran received relief from sanctions, most of which were lifted in January 2016.

Boston Bruins: 3 keys to trouncing Tampa Bay in game 2
Before the game begins, you can get caught up on everything you need to know in News Channel 8's Road to the Cup pregame special. "Clearly it wasn't.

Trump signals willingness to meet N. Korea's Kim in DMZ
North Korea has in the past made similar commitments about its nuclear program but failed to follow through. But some seemed skeptical about the president's chances to actually win the prize, including his own son .

Kahn Brothers Group INC Increased Stake in Glaxosmithkline (GSK) as Shares Rose
The shares were purchased at an average price of GBX 1,445 ($20.15) per share, for a total transaction of £43,754.60 ($61,024.55). With $40.0 highest and $38.0 lowest target, GlaxoSmithKline has $40 average target or -0.50% below the current ($40.2) price.

US Stocks sliding down drastically due to rising rates
Other big technology companies also fell, as Facebook dropped 3.7 percent to $159.69 and Microsoft skidded 2.3 percent to $93.12. Investors have also been selling Treasurys this month in fear of rising inflation, pushing the yield on the 10-year U.S.

Oblak unsure over Atletico Madrid future
Atletico Madrid defender Juanfran is set to miss both legs of the club's Europa League semi-final tie with Arsenal because of a hamstring injury.

Ronny Jackson withdraws nomination for VA secretary
Tester spokeswoman Marnee Banks said the office would not comment until it knew more about the White House records. At a Secret Service going-away party, the summary says , Jackson got drunk and wrecked a government vehicle.

Ford Will Stop Making Cars - Except These 2 Models
In addition, Ford will cut $5 billion from capital spending from 2019 to 2022, reducing it from $34 billion to $29 billion. The Mustang will be the only model which will be spared from Ford's slashing of its passenger-car lineup in North America.

Man Utd vs Arsenal, preview
The way to get around teams who deploy a defensive-minded approach is to constantly try different methods of breaking them down. When asked about a potential summer departure for De Gea, Mourinho responded: " No chance ".

Chicago Bears take Georgia ILB Roquan Smith No. 8
Smith saved perhaps his most impressive performances for the Bulldogs' most meaningful showdowns in 2018. His time was the second fastest among all linebackers at the combine. "This guy checks all the boxes".

USA economic growth slowed in 1st quarter
The year is off to a sluggish start for the US economy - and a decline in spending on clothing and footwear is partly to blame. Moving forward, real GDP should grow by roughly 3 percent in 2018, which would be the strongest growth rate since 2005.

Ford Will Stop Producing Most Sedans For North American Market
The automaker says it made $1.74 billion, or 43 cents per share, compared with $1.59 billion, or 40 cents per share a year ago. Ford took steps on Wednesday to bolster its operations in China, a key overseas market, where sales have been flagging.