Apple March quarter report is in, iPhone sales on rose

Apple earnings jump on healthy iPhone sales

(TSMC) and Hon Hai Precision Industry Co., whose fortunes are more closely tied to iPhone unit sales-which rose just 2.9% in the March quarter despite a 10th-anniversary iPhone X that was supposed to drive a super-cycle of demand.

The average sale price for iPhones rose 11% to $728, driven by the release previous year of the $999 iPhone X, a premium version of the flagship smartphone. Cook once again declined to give specifics when he said that global Apple Watch sales hit a new March-quarter record, but he did flag the introduction of carrier support for cellular-enabled Apple Watch 3 devices in mainland China, Hong Kong and Thailand during the period.

Services like AppleCare, Apple Pay and the Digital Content and Services brought $9.1 billion or 31% yearly increase and 8% on a quarterly basis.

But Apple said the iPhone X was the best-selling model in every week of the quarter - despite costing nearly $1,000 or £1,000.

iPhone's second quarter performance capped a tremendous fiscal first half with $100 billion in iPhone revenue, an increase of $12 billion over last year, setting a new first half record and achieving our highest first half growth rate in three years.

During its Q2 earning's call, the company posted record-breaking quarterly revenue figures of $61.1 billion, up 16% from this time a year ago. Revenue rose 16 percent to $61.1 billion.

Apple sold 52.2 million iPhones in Q2, up about three per cent year on year.

Apple also announced $100 billion share buyback announcement where it will use the overseas cash brought back to the USA as part of Trump administration's repatriation program. "We also grew revenue in all of our geographic segments, with over 20 percent growth in Greater China and Japan". The tech business also reported iPhone sales levels that were only marginally below its own expectations.

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.

However, Cook said iPhone X is the best-selling smartphone in China right now.

Apple chief executive officer (CEO) Tim Cook hinted at additional sources of growth in terms of both geographical areas and product categories. Cook also said that the iPhone X was the top-selling phone in China, presumably citing third-party statistics.

The company will also increase the quarterly dividend by 16%.

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