Apple earnings: The iPhone X is doing just fine

03 May, 2018, 12:16 | Author: Lillian Steele
  • Apple made $34 billion despite slow iPhone sales in first quarter of 2018

"Given our confidence in Apple's future, we are very happy to announce that our board has approved a new $100bn share repurchase authorisation and a 16% increase in our quarterly dividend".

[Service] revenue topped $9 billion for the first time, up more than $2 billion over last year's March quarter.

Of course, the iPhone ASP for the latest quarter was still higher than the same period previous year, and this could be attributed to the iPhone X. But it also showed that iPhone X may be losing steam after seeing strong sales during the holiday season. It announced $100 billion in stock buybacks.

Sales of iPhones, which account for almost two-thirds of company revenues, rose during the quarter, although total volume came in at 52.2 million units, a bit below consensus estimates of 53 million.

Apple loves to talk about how these services help keep users loyal to the iPhone, since they're deeply integrated with the device.

For the current quarter, which ends in June, Apple said it expects sales of $51.5 billion to $53.5 billion, with the midpoint higher than the $52 billion expected by analysts, according to a poll by Yahoo Finance. The tech giant's shares surged as much as 5% in after-hours trading on Tuesday. Rosenblatt Securities reissued a "buy" rating and set a $180.00 target price on shares of Apple in a report on Friday, March 16th.

He added that the Board had approved a new $100 billion share repurchase authorization.

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Apple's servicers could be "hard to grow in the face of the competitive monsters who have more history and deeper relationships with services customers", said Erik Gordon, a professor at the University of Michigan Ross School of Business.

Despite that, Apple said it sold 52.2 million iPhones during the quarter, representing an increase of 3% from a similar period in 2017.

A 31 percent rise in services to US$9.2 billion followed big jumps in Apple Pay, Apple Music and other programs. Last week estimates of iPhone shipments were cut by six million by Morgan Stanley following a disappointing outlook that was issued by iPhone processor maker, Taiwan Semiconductor Manufacturing. Apple Watch got a boost from new models with cellular connectivity that launched in recent months.

Apple's 2018 iPhone releases will reportedly include USB-C charging cables and plugs as standard, making it easier for iOS fans to replenish their smartphones in double quick time.

"I don't buy the view that the market's saturated".

The three months ending with March were Apple's first full quarter selling its new flagship phone, the iPhone X. Analysts had pointed to signs, including the financial results of Apple's suppliers, that the device and its sister iPhone 8 and 8 Plus had not revitalised Apple's iPhone business as the company had hoped.

Though, perhaps a bit surprisingly, Cook did at least nod at the results that indicate top seller or not -The iPhone X has perhaps not lived up to what was expected of it. In a bid to increase its retail footprint, Apple has tied up with Jio to create a distribution platform for iPhone 8 and iPhone 8 Plus in India.

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