Apple revenue up as iPhone X continues to ring up sales

03 May, 2018, 14:28 | Author: Martin Tyler
  • Apple made $34 billion despite slow iPhone sales in first quarter of 2018

Profits were $2.73 per share versus expectations of $2.68 per share, as of Monday, and up from $2.10 a year ago.

The company is the world's second largest smartphone manufacturer behind Samsung and with a clear lead over third-placed Huawei.

Yet while the phone didn't spark the "supercycle" or huge spike in sales that many expected ahead of its fall launch, it has proven both popular and profitable for Apple - sending revenue from Apple's iPhone business up 14 percent, to $38 billion.

The majority of those sales stems from its iPhones, of which the company reportedly sold 52.2 million units in the second quarter.

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It attributes worldwide sales for its revenue growth with that segment accounting for 65 per cent of the quarter's total revenue figure. And so we're putting a lot of energy there and working with the carriers in that market, and they're investing enormously on the LTE (high-speed wireless) networks. "And the infrastructure has come quite a ways since we began to put a lot of energy in there due to their leadership and so forth", Cook said. He said that "because we're making all the right investments all around the company, it makes flawless sense for us not to keep the cash on our balance sheet but return it to investors". On Tuesday, those investors learnt that they are in line for a big chunk of the money. The company also assured a $100 billion in stock buyouts. The company did not provide a timeline for the repurchases. Finally, Citigroup reaffirmed a "focus list" rating and issued a $142.20 price target (up from $100.00) on shares of Apple in a research note on Wednesday. Analysts believe that Apple's strategy of buybacks will boost the company's share prices.

Mr Stanton said that growth underlined a shift in strategy to develop businesses outside its core products: "This is the future of Apple".

The tech giant also raised its quarterly dividend to $0.73 cents a share from $0.63 cents.

Today's post-earnings pop has Apple shares bouncing off familiar support in the $164-$165 region, which served as a floor in November and March, and represents a 10% pullback from the stock's mid-March record high of $183.50.

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"Our objective over time is to go in there [India] with all of our different initiatives from retail and everything else", he says. Adding further, he said that for the time being it is ok for the company to embark on the buyout strategy but in the long run this strategy won't work. China's Xiaomi and South Korea's Samsung ruled the market in 2017 with marketshares of 24% and 19% respectively. Also noted were that services growth of 31% was much broader than just licensing increases.

"I don't buy the view that the market is saturated", he said. Apple sells phones ranging from ₹20,000 to ₹1 lakh in India. Cook said the Apple Watch grew at a "strong" double-digit rate and had its best ever March quarter performance.

The company reported Tuesday that iPhone sales rose by 3 percent, compared with the same time previous year.

Other analysts agreed. "Even if smartphone replacement cycles continue to lengthen, we see Apple delivering 4% revenue and 16% (earnings per share) growth over the next three years with services the primary growth engine", Morgan Stanley's Huberty wrote.

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