Apple Managed to Sell 52.2 Million iPhones in the Last Quarter

Apple results to reveal iPhone X problem

The smartphone sector saw shipments fall 2 percent in the past year, according to Strategy Analytics, so the company must evolve beyond its reliance on a device that still accounts for more than 60 percent of revenue.

Apple's second quarter revenue included $9.1bn from its services business, which includes Apple Music, the App Store and iCloud. Apples $350 smart speaker, HomePod, was a turkey as we predicted and it will take years before it can compete with Sonos speakers or Amazon's Echo.

A tax rate of approximately 14.5%.

Apple Inc.'s results confirmed that, while the days of double-digit smartphone industry growth are over, Chief Executive Officer Tim Cook has a plan to withstand the slowdown. But these companies don't gain from Apple's expanding services offerings. "And it's how we feel about it", Cook said in response to an analyst question about the X sales.

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Apple's decision to share more of its huge cash reserve, now estimated to be $267.2 billion, with shareholders helped to paper over the cracks of an otherwise unexciting set of results. Apple's stock price bounced almost 4% on the news.

The maker of iPhones, iPads and other products posted revenue of $61.14 billion in the period, also exceeding Street forecasts.

It's also hard to quantify how much of the repatriated money is being funneled to shareholders. Even though the quarter ending March didn't include sales of the firm's new edu-focused iPad, Apple boasted that it increased its share of the global tablet market during the quarter, with the number of active iPad users reaching an all-time high.

In February, Apple said it planned to draw down its excess cash, although Cook had downplayed the possibility of a special dividend. That pledge implies Apple still has $145 billion to spend, based on its net cash through March, down from $163 billion at the end of 2017. Famously, many critics had said that the iPhone X was virtually dead as the public was not much enthused by it.

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Analysts had feared the iPhone X model's $999 (roughly £730) price tag could have muted demand for the handsets.

Apple introduced the iPhone 8 and iPhone 8 Plus on September 22 previous year and its most expensive smartphone, the iPhone X, on November 3.

Apple announced a $100 billion share buyback in its earnings call on Tuesday. There has been recurring speculation that Apple might try to buy Netflix, a deal that would probably cost at least $150 billion and would break the mold for a company that has shunned major acquisitions through its history.

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