Apple's Earnings Prove the Tech Giant is More Than Just Phones
03 May, 2018, 16:00 | Author: Julian Harrison
Apple shares rose 5 percent in extended trading, after closing at $169.10 in NY.
Talking about emerging markets like India, Apple chief financial officer (CFO) Luca Maestri said that performance was very strong in emerging markets such as India where revenue was up 20%. But there were some disconcerting facts which they chose to ignore.
Profits were $2.73 per share versus expectations of $2.68 per share, as of Monday, and up from $2.10 a year ago. They have also been watching carefully for signs of what Apple plans to do with its hundreds of billions of dollars in cash.
The average selling price of the phones was $728, versus Wall Street forecasts of $740.
The company's Other Products category saw notable year-on-year growth, with revenue reaching $3.9 billion, up from $2.9 billion for the same period last year. However, it was almost 10 percent down from $796 in the first quarter, a sign that the iPhone X (starting at $999) wasn't driving the majority of sales.
The most notable surge we've seen in Apple'sreport is in its services division: it was responsible for $9.2 billion of Apple's total revenue influx, up more than 30 percent since past year. To the Tame Apple Press this means that Apple is doing well, nothing to see here move on here.
Apple CEO Tim Cook said the company sells more iPhone X units every week than any other iPhone it makes, and that's been the case since the $999 device launched in November. "The iPhone X is a beloved product". This is the same arogance which we think will eventually sink the company. He said the ASP growth was "mainly driven by iPhone X", indicating the $1000 price point had worked in the company's favour. The company can certainly afford another new campus, as Apple now has $267.2 billion in cash. When it showed up it was missing most of the inovations expected and was prohitatively expense. Tariffs on tech parts would be a huge blow to Apple's bottom line, but Cook thinks it'll be fine.
Reflecting the approved increase, the Board has declared a cash dividend of $0.73 per share of Apple's common stock payable on May 17, 2018 to shareholders of record as of the close of business on May 14, 2018.
There have been multiple reports in the past which have largely suggested that Apple's iPhone X isn't doing as well.
Other wins included Apple's paid services, including its App Store, Apple Pay, Apple Music and iCloud Storage, totalling up to $9.2bn. Apple also outlined its intentions to allocate an extra $100 billion for future stock repurchases.
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It is expected that Apple will show just 2 percent growth in smartphone sales compared to previous year during the first quarter. Apple is reportedly set to release an updated version of the iPhone SE, the iPhone SE 2, later this year.
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