Market concerns vanish as Apple posts best-ever second quarter

03 May 2018, 10:04 | Shawn Tate

LIVE: Apple announces Q2 earnings

Apple results to reveal iPhone X problem

"Given our confidence in Apple's future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend", said Luca Maestri, Apple's CFO.

Overall profits in the quarter were $13.8bn, up a quarter from the same period in 2017.

The company sold 52.2 million iPhones in the three months to March - only a touch below expectations, despite waning global demand for smart phones.

However, Apple Chief Executive Officer Tim Cook said iPhone X is their company's best selling model. For instance, the iPhone 8, iPhone 8 Plus and Apple Watch Series 3 was launched in India just a week after it went on sale in the US.

From the inception of its capital return program in August 2012 through to March this year, Apple said it had returned $275bn to shareholders, including $200bn in share repurchases.

Mac sales reached 4.038m over the last three months, representing about five per cent of the total PC market.

Pushing Apple to these record numbers was strong demand for its iPhone brand which were up 3 per cent on 2017.

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In a recent conference called with analysts by Apple CEO Tim Cook, he said that the company's revenue between January and March was at $61.1 billion, Tom's Guide reports.

A provision in the package temporarily lowered the taxes that companies pay when they bring cash stashed overseas back to the US That rate was cut to 15.5 percent, far below the 35 percent that would have been imposed before.

Still, Cook seemed optimistic, saying on the firm's earnings call: "HomePod is widely recognized for having the best sound quality for its size and class".

Revenues at Apple's services business that includes Apple Music and the App Store jumped nearly a third to $9.1bn. "We're putting a lot of energy there and working with the carriers in that market, and they're investing enormously on the LTE networks", he added. "So we look at China holistically, not only as a market".

Apple's second quarter revenue included $9.1bn from its services business, which includes Apple Music, the App Store and iCloud. While the iPhone numbers represent slight growth for Apple, they don't match the performance some analysts and investors expected when the iPhone X launched previous year.

The company, flush with a huge cash pile on strong earnings enhanced by the U.S. tax cut plan of 2017, announced $100 billion in new share buybacks plus a 16% boost to its quarterly dividend.



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