About $400bn worth of Apple stock changed hands in that March quarter, and the company's gross purchases would account for 5%-6% of that. None of those benefit hardware partners such as Taiwan Semiconductor Manufacturing and Hon Hai Precision Industry, whose fortunes are more closely tied to iPhone unit sales, which rose just 2.9 percent in the March quarter despite a 10th-anniversary device that was supposed to drive a super-cycle of demand.
Mr Cook said Apple had the three top-selling phones in China and brushed aside concerns about how a brewing tariff fight between the USA and China, where many of its phones are made, could hurt the company. Apple earnings is always a big event for traders and investors, so expect the stock be especially volatile today. 29,423,091 shares of the company traded hands, compared to its average volume of 35,990,469. Apple revenue was up 16% year-over-year.
With some $61.1 billion in revenues, Apple has reported its best quarter March.
"While forecasted iPhone shipments of 39 million units is lower than our 42 million estimate a month ago, it's far better than our 34 million estimate which reflected the weaker June quarter outlook from suppliers like TSMC and AMS", Morgan Stanley analyst Katy Huberty said.
Wall Street had predicted that Apple would report earnings per share of $2.69 but the company announced an EPS of $2.73. Apple has also approved a $100 billion share buyback program and a 16% increase in quarterly dividends.More news: Amazon bringing 3000 new tech jobs to Vancouver
"Services growth of 31% was impressive - Apple should reach its goal of doubling services over four years organically". "We also grew revenue in all of our geographic segments, with over 20 percent growth in Greater China and Japan". "It's a huge market and it's clear that many people will be moving into the middle-class over time, as we've seen in other countries", Cook said.
iPads also fared well throughout the second quarter, sitting at a healthy 9.11 million sales compared to 8.92 the year prior, even without the latest education-focused iPad making the count.
The first quarter of 2018 was the biggest quarter on record for buyback announcements, with $242.1 billion worth of buybacks announced by USA companies, according to TrimTabs. The stock was sold at an average price of $166.42, for a total transaction of $11,564,692.22. Despite most reports predicting otherwise, the iPhone X was the star of the entire show thanks to its impressive sales run. But Apple CEO Tim Cook soothed analysts and investors alike by commenting yesterday during Apple's quarterly conference call, that since the launch of the iPhone X in November it has been the top selling iPhone each week. It's a strong proof that Apple was right all along about its $1,000 phone.
Apple presently provides support for fast charging on a select range of iPhones - the iPhone 8 series and the iPhone X. However, Apple still ships a 5W charger in the box along with these models - if you want fast charging on your iPhone 8 or iPhone X, you will have to invest in a MacBook's 29W charger additionally. But Apple firmly believed that it could still sell a ridiculously expensive phone by offering an entirely new design and innovative features such as Face ID and Animoji.
"Overall, iPhone and services performances put our cautious view in the penalty box", analyst Mark Moskowitz at Barclays conceded, as he grudgingly raised his price target on the stock to $161 from $157, remaining well below the current price.