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Apple beats expectations in latest financial results

30 August, 2018, 20:40 | Author: Joanna Little
  • Apple iPhone X

Revenue rose 17 percent to $53.27 billion, also exceeding Street forecasts for $52.37 billion.

Shares of Apple rose 4 percent after-hours Tuesday.

Apple sold 41.3 million iPhones, only 1% more than in the same quarter a year ago.

Despite the trade war, China remains one of Apple's best markets, posting double-digit revenue growth in the country for the fourth quarter in a row, Cook said.

To hit the trillion-dollar market value, Apple shares would have to climb about five per cent more.

Analysts were eager for news about how the company is riding out trade turbulence between the United States and China. CEO Tim Cook said that while the company's products hadn't been hurt by tariffs imposed so far, Apple is still examining the impact of proposed US tariffs on $200 billion worth of Chinese goods.

Ives expects three new iPhones to be released in the next three to six months, which should "capture the underlying demand/upgrades among customers that have chose to bypass the 8/8+/X cycle this past time around, with price points and features that catalyze fence sitting iPhone customers onto their next smartphone". Apple typically launches new iPhone models at the end of the quarter, in mid-September.

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Globally, higher selling prices for devices like the iPhone X and iPhone 8 pleased Wall Street analysts.

"iPhone X shows that when you deliver a great innovative product there are enough people out there that would like that and it can be a very good business". Netflix and Facebook struggled after reporting earnings earlier this month (with Facebook losing a one-day record $124 billion in market value), while reports from Amazon and Google boosted their share prices.

Research firms IDC and Strategy Analytics this week reported that the Cupertino tech giant lost its second-place spot in the global smartphone market to China's Huawei during the second quarter of 2018.

A team at 9To5Mac have found references to a second sim slot on iPhones hidden away in the code of the latest iOS 12 developer beta 5.

Apple has managed to shine, despite bruises to its image that included being accused of keeping young people addicted to smartphones, slowing performance of older iPhones to motivate upgrades and sidestepping taxes by nestling cash in offshore havens.

Services: Investors have been watching closely as Apple ups its software and services revenue - a catch-all category that includes the App Store, Apple Care, Apple Pay, iTunes and cloud services. Cook said he's "optimistic" the countries will work out their differences.

"We couldn't be happier with how things are going given the momentum we are seeing across the board", Cook said.

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