Apple Q2 results silence iPhone X critics with US$61B in revenue

Apple results to reveal iPhone X problem

Apple earnings jump on healthy iPhone sales

This is a surprise to many analysts who in the past weeks expected iPhone sales to crater, amid reports that Apple suppliers such as Samsung had drastically cut projections for the upcoming quarter.

Net income was $13.82bn, up from $11.03bn year-on-year.

Apple said it sold 52.2 million iPhones in the quarter, or 3 percent more than a year earlier.

Apple reported its "best March quarter ever" on Tuesday, with CEO Tim Cook declaring that customers chose the iPhone X "more than any other iPhone each week" across the three months. Sales of iPads rose 2 percent to 9.1 million units compared with the same period previous year, while Macbook sales slipped 3 percent to 4.07 million.

Shares of Apple have declined 1.6% since the beginning of 2018. Worldwide sales accounted for 65 per cent of the quarter's revenue.

On top of that, Apple's wearable business - which boasts products like the Apple Watch, Beats, and AirPods - is now the size of a Fortune 300 company, as revealed by Cook. It's the price of participating in Apple's supply chain: companies build expensive factories in advance of product cycles so even modest misses hammer profits.

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". The March quarter saw all-time record revenue from App Store, Apple Music and Apple Pay.

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"And so we are working toward those things".

Sales growth of more than 20% in Japan and the greater China market - a critical area for the company - helped to lift the numbers.

Apple reported revenue of $9.19 billion during the second quarter, a sequential growth of 8 percent and year-on-year change of 31 percent. The company intends to rectify that with a cheaper model with numerous iPhone X's features later this year, Bloomberg News has reported.

That helped the company earn almost $14 billion in its fiscal second quarter, a 25 percent increase from a year ago.

Apple also announced $100 billion share buyback announcement where it will use the overseas cash brought back to the U.S. as part of Trump administration's repatriation program. "And so that's how we look at that", he added.

Incidentally, with Apple now having more cash at its disposal thanks to the Republican tax plan, Apple announced a 16% increase to its quarterly dividend.

According to Luca Maestri, the company's CFO has said that Apple now has greater flexibility from global cash, which they can use to "efficiently invest in [the company's] U.S. operations and work toward a more optimal capital structure".

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