Apple reports $13.8B profit, despite slow iPhone sales

Theresa Obrien
May 3, 2018

The analyst's comments came shortly after Apple announced that it returned $248.4 billion to shareholders in the last quarter.

And it has approved a new $100bn (£73bn) share repurchase authorisation and a 16 percent increase in its quarterly dividend.

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

The details of the Apple earnings report showed a number of better-than-expected details. "So we look at China holistically, not only as a market".

According to AFP, Apple reported a 25.3 percent rise in earnings to $13.8 billion following 15.6 per cent increase in revenues to $61.1 billion. Still, the price is considerably higher than the $655 average selling price in the quarter a year ago, which is due to the iPhone X's $999 starting price.

"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables", Cook said.

With all the dire predictions and forecasts of iPhone sales slowing down, Apple has been facing something of a PR nightmare recently. That allowed the company to record a healthy 14% increase in revenue. The company intends to rectify that with a cheaper model with numerous iPhone X's features later this year, Bloomberg News has reported. Apple has still not updated its Mac line so far in this year.

"You have to start thinking about Apple differently going forward", Dan Morgan, senior portfolio manager at Synovus Trust Company, wrote in a recent note. Apple's stock price bounced almost 4% on the news.

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Other products like AirPods, Apple TV, Apple Watch, Beats headphones, HomePod, iPod Touch and other Apple-branded and third-party accessories saw an increase of nearly $4 billion, 38% more than the same quarter a year ago. But these companies don't gain from Apple's expanding services offerings. The iPhone 8 and iPhone 8 Plus looked similar to the iPhone 6 from 2014, leaving a hole in Apple's iPhone sales strategy.

Synovus's Morgan recently estimated that services will drive about 60 percent of Apple's revenue growth over the next five years.

Apple had been seen as being under particular pressure from cheaper rivals as the iPhone 8 range and the 10th-anniversary edition iPhone X received lukewarm reviews. "We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan". "It's a terrific market, and we're very happy to be a part of it", he said.

"I don't buy the view that market's saturated". That's 14 percent up from the same quarter as a year ago.

"And we still believe that over time every phone sold will be a smartphone".

Cook also discussed additional opportunities in health care.

"We set a new first half record and continue to put great energy there".

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