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Apple Q2 2018: When "doomed" is actually $61.1bn in revenue

03 May 2018

The tech giant posted turnover of $61.1bn (£44.9 billion) for the three-month period to the end of March, an increase of 16 per cent from a year earlier.

Apple predicts that third-quarter revenue should reach between $51.5 billion and $53.5 billion, with a gross margin between 38% and 38.5%.

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"Since we split the line with the launch of iPhone 6 and 6 Plus in 2014", Tim Cook said, "this is the first cycle in which the top of the line iPhone model has also been the most popular".

Since the launch of its initial capital return program in August 2012, through March 2018, Apple has returned $275 billion to shareholders, including $200 billion in share repurchases.

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Apple shares rose 5 percent in extended trading, after closing at $169.10 in NY. Global sales accounted for 65 percent of the quarter's revenue. There are also reports that China's sales in Apple have been weak. Apple's all-important "services" category (Apple Music, iCloud, Apple Pay, subscriptions) continued to soar, growing more than 30% to $9.2 billion. Service revenue also increased 31 percent to United States dollars 9.19 billion, and iPad revenues rose 6 percent to USD 4.11 billion, on shipments up 2 percent to 9.11 million units. Previously, new iPhone models started at around $650. Profit came in at $2.73 a share. Wall Street consensus estimates were for revenues of $60.8 billion and EPS of $2.68, making the quarter a solid beat for Apple. And revenue growth for iPhone was indeed strong, with $38 billion in iPhone revenue marking a gain of 14% year-over-year. An expanding Chinese market has helped up drive revenues. Apple also outlined its intentions to allocate an extra $100 billion for future stock repurchases. Apple was also affected by the declining PC sales with Mac sales declining 3 percent in the second quarter of 2018 compared to same period previous year. That would be more effect from the supposedly failed iPhone X, which has sent iPhone's average selling price (ASP) much higher. While there has not yet been a tariff on devices such as Apple's iPhone, Cook last week traveled to Washington to meet with U.S. President Donald Trump at the White House to discuss trade matters.

"It's an area of great interest where we think we can make a big difference in, so it's a major strategic thrust of ours", said Tim. In fact Apple's CFO stated during the conference call that Apple enjoyed 21% year-over-year growth in China. Apple also increased its quarterly dividend to 73 cents a share from 63 cents.

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Apple Q2 2018: When