Market concerns vanish as Apple posts best-ever second quarter

Apple iPhone SE 2 Leaks Out (CAD Renders)

Apple iPhone SE 2 Leaks Out (CAD Renders)

Surprising everyone, Apple recorded its "best-ever" March quarter.

CEO Tim Cook said Apple customers purchased the iPhone X - released November 3, 2017 - more than any other model each week in the quarter.

Here are the key take-aways. India, we set a new first-half record.

"The iPhone obviously had to do extremely well to get a 21% number", he said on the company's earnings call. The new phones include the $1,000 iPhone X, which Apple has touted as the best since the first iPhone was introduced in 2007.

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%.

Apple (AAPL) posted 21% revenue growth (http://www.marketwatch.com/story/apple-earnings-to-focus-on-iphone-sales-billions-for-investors-live-blog-2018-05-01) in the Greater China region for the fiscal second quarter, its best year-over-year increase in 10 quarters. Wall Street expects revenues of about $52 billion for the current quarter that runs to June 30, based on roughly 42 million iPhones sold.

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There had been concern that Apple would be negatively impacted by slow sales of its iPhone X, but the firm sold 52.2 million iPhones in the three months to March, up from 51 million a year earlier - only just missing Wall Street expectations of 52.3 million.

And, although the iPhone remains the company's main driver of revenue, sales of services and other Apple products are growing. "We also grew revenue in all of our geographic segments, with over 20 per cent growth in Greater China and Japan", he said. "There's going to be a shift over the next few quarters and couple years where investors are less interested on what the iPhone numbers [are] in any given quarter", said Munster. The new 9.7-inch iPad price starts at Rs 28,000.

Mr Stanton said that growth underlined a shift in strategy to develop businesses outside its core products: "This is the future of Apple".

Apple's quarterly revenue of $61.1 globally billion was an increase of 16 percent from the year-ago quarter and worldwide sales accounted for 65 percent of the quarter's revenue.

Revenues at Apple's services business that includes Apple Music and the App Store jumped nearly a third to $9.1bn. Paid subscriptions surpassed 270 million, up over 100 million compared to a year ago period, according to the company.

But investors have been counting on Apple to give shareholders much of the money coming in from overseas, especially after the company said it meant to eventually have little or no excess cash, after accounting for outstanding debt.

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