nsucurrent.com May 24, 2018

With $61.1bn in revenue, Apple bullish on Indian market

03 May 2018, 02:08 | Shelley Chandler

Image used for representational purpose

Apple logo. Reuters

Wall Street had predicted that Apple would report earnings per share of $2.69 but the company announced an EPS of $2.73.

Apple posted revenue for its March quarter of US$61.1 billion, up from US$52.9 billion past year.

One piece of data that doesn't seem to jive with Cook's comments about the premium priced iPhone X, is the Average Selling Price of iPhone units sold during the fiscal second quarter.

It was the fastest growth in earnings per share at Garmin in six quarters and fastest sales growth in over three years.

Apple (AAPL) shares this afternoon are up $6.30, or nearly 4%, at $175.40, in late trading, as the company's fiscal Q2 earnings beat, and its forecast was also better for this quarter's revenue.

Those two forces pushed up Apple shares by 4 percent after hours. The stock is now up 5% for the year.

"We are not giving an end date to the programme this time because the amount is very, very large", Apple chief financial officer Luca Maestri told analysts on a conference call.

APPLE CHIEF EXECUTIVE TIM COOK, on the iPhone X. Apple performed well on all fronts, but the anniversary iPhone wasn't the kind of blockbuster Apple hoped it would be. "Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter", said CEO Tim Cook. Wall Street was said to be in "Full Panic Mode" over Apple.

Apple Inc. reported its second-quarter results for 2018 on Tuesday, and contrary to analyst expectations that the company's newest, and most expensive, flagship device didn't live up to the hype, the numbers indicate otherwise.

Gold has tumbled by 0.8 per cent, to $US1,305 U.S. dollars an ounce, its lowest price in four months as the greenback strengthens.

For the full fiscal year, which ends September 29, Apple is now seen selling 20.3 million smartwatches.

Average price of iPhones sold in India has consistently been up in the last one year. Revenue jumped 31% to $9.2 billion.

Apple also saw a growth in sales and revenue for its iPads. It was in line with Apple's guidance of revenue between $60 billion and $62 billion.

Apple also announced a $US100 billion share buyback program and raised its dividend by 16%.

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

Apple's price of shares dropped precipitously in anticipation that the company would confirm that fear, a confirmation that never came, according to the Chicago Tribune.

"The Services segment will grow between 13% and 20% per year over the next five years driven by continued growth in existing services along with new, innovative services", Gene Munster, co-founder of Loup Ventures and a veteran Apple analyst, wrote in an email following the results on Tuesday. Aluminum maker Alcoa ranked 300th on the Fortune 500 this year, with annual revenue of over $9 billion. Atlantic Securities set a $185.00 price target on Apple and gave the company a "neutral" rating in a research report on Wednesday. "We still conservatively forecast no iPhone unit growth through FY 19 but see robust demand for other hardware offerings/wearables", he noted.

Apple said its dividend increase would be reflected in a cash dividend of 73 cents per share payable on May 17.

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