newsmoments.net
newsmoments.net May 27, 2018


Apple has strong quarter despite flat hardware sales

03 May 2018, 02:10 | Antonio Miles

Cole Bennetts Getty Images

Cole Bennetts  Getty Images

Apple has always been the most held stock on Robinhood.

IPhone sales in total are up almost three percent from the same time 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. "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.

The company more than doubled the users for its namesake payment service, Apple Pay, according to CEO Tim Cook on the company's second quarter earnings call yesterday.

Shares of Apple closed Tuesday up 2.3% at $169.10, and the stock was last seen up more than 4% at $176.44 after about an hour of trading on Wednesday at a level that was more or less in line with the initial after-hours reaction on Tuesday.


Wall Street brokerages expect Apple (NASDAQ:AAPL) to announce $61.33 billion in sales for the current fiscal quarter, according to Zacks.

In recent weeks, Apple's stock has backed off from its all-time high of $183.50 because of concerns about iPhone X demand, though expectations of a dividend increase and stock buyback have offset the decline.

Apple Inc lavished cash on its shareholders like no company in history in the first three months of the year and it intends to keep doing so, making the iPhone maker's investors the clearest winners yet from last year's sweeping USA corporate tax cuts.

Also showing notable growth was Apple's Other Product category, which saw its total revenue up 38 percent to $3.95 billion.

Navkendar Singh, associate research director in research firm IDC, said, "Apple's commentary signals the importance of India as a market and its efforts to expand its footprint in the country as markets like China have slowed down for them". Overall, it was a strong quarter, and while year-on-year iPhone growth was only 3 percent, revenue from the handsets was up 14 percent.


Today's post-earnings pop has Apple shares bouncing off familiar support in the $164-$165 region, which served as a floor in November and March, and represents a 10% pullback from the stock's mid-March record high of $183.50. The company also did a better-than-expected job of monetizing its existing user base with services. "We're looking forward to adding new features to HomePod". Of the 20 biggest quarterly repurchases ever carried out by USA companies, nine were by Apple.

Wall Street's belief that Apple will pass along most of its cash to shareholders has helped bolster its stock, even though its latest iPhones haven't spurred as much sales growth as most investors hoped.

Apple has reported resilient iPhone sales in the face of waning global demand and promised US$100 billion (S$133 billion) in additional stock buybacks, reassuring investors that its decade-old smartphone invention had life in it yet.

But iPhone sales for the quarter ending March 31 came in at 52.2 million, a bit below consensus estimates of 53 million.

Apple shares rose decisively after the report, which beat analyst expectations in terms of profit and sales. "And so we're working toward those things", he said.




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