Apple is climbing after topping Wall Street's earnings expectations (AAPL)

01 August, 2018, 05:00 | Author: Martin Tyler
  • Apple iPhone X

Apple sold 41.3 million iPhones during the quarter, compared to 41 million a year ago. A higher ASP means customers purchased more high-end handsets such as the iPhone 8 Plus and iPhone X, versus the iPhone 8 and prior generation models. "We expect the vast majority of Apple's product line-up to be refreshed during the next couple of quarters which should support near-term results". The company posted revenue of $53.3 billion. Of course, the iPhone still pulled down almost $30 billion in total revenue, but Services has rapidly grown from a minor segment of Apple's business to a major component.

Apple's software and services division, which includes the App Store as well as the company's music streaming service and mobile payment software, has become its growth powerhouse as smartphone sales flatline, and is now its second most-lucrative business unit after the iPhone itself.

Investors were expecting Apple to post at least $51 bilion in revenue, but the iPhone-maker has come away with $53.3 billion in income, marking a 17% increase from last June quarter. iPhone sales came in at 41.3 million units sold for the quarter which has Apple CEO Tim Cook absolutely stoked.

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Cook dismissed the need for record revenue during the call, saying that because the smartphone market is so vast, it doesn't matter if revenue dips or goes up 10%.

Despite the beat, James Cordwell, an analyst from Atlantic Equities, said the high selling prices might cause investors some concern because "there's a limit to how much Apple can grow the iPhone franchise by pushing pricing". The company is expected to launch three new phones later this year. Apple's market cap sits at $935.3 billion. Maestri told Reuters that sales from Apple Care, the company's warranty offering, were up 27 per cent versus a year ago, though the company did not disclose a dollar figure for sales.

That isn't great news for MacBook fans, but the mild revenue dip resulting from Mac sales was easily made up for by big growth in Apple's services segment. Along with various online TV, news and publishing, gaming and cloud-hosting services, Apple is targeting $50bn in annual services revenues by 2020.

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Another category potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers.

Apple said its gross profit margin will be 38 per cent to 38.5 per cent in the fiscal fourth quarter, versus analysts' estimates of 38.2 per cent. Cook said wearables were a highlight of the quarter, with sales up 60 per cent year over year.

Finally, while Cook expressed opposition to new trade tariffs between the United States and China, noting how they're anti-consumer, he said that Apple is continuing to see double digit growth in China along with other major markets.

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