Apple tops Q2 expectations thanks to 'best-selling' iPhone X

Apple tops Q2 expectations thanks to 'best-selling' iPhone X

According to the company, worldwide sales accounted for 65 percent of the company's total revenue, and it was its best-ever second quarter for sales.

IPad sales were also up in Q2, with Apple selling 9.11 million tablets compared to 8.92 million this time previous year.

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.

It also doled out another $3.2 billion in dividends and will boost them by 16 percent going forward. The sales were up 3 percent from the year-ago quarter while the revenue was up 14 percent due to increase in average sales price of iPhone.

The company on Tuesday announced fiscal second-quarter revenues of $61.1bn, beating analyst expectations and representing a 15 per cent year-on-year increase. That's up from $52.9 billion a year ago, though down from $88.3 billion on the last quarter. "And it's how we feel about it", Cook said in response to an analyst question about the X sales.

Apple Chief Executive Officer Tim Cook highlighted strong revenue growth from iPhones, services and wearable devices like the Apple Watch. While the iPhone numbers represent slight growth for Apple, they don't match the performance some analysts and investors expected when the iPhone X launched a year ago.

The tax bill makes it cheaper for Apple to bring back the more than $250 billion it holds overseas. By comparison, USA companies in April announced a combined total of $50.4 billion in new buyback plans, up from $38.1 billion worth of planned buybacks announced in April 2017, according to TrimTabs Investment Research.

Revenues at Apple's services business that includes Apple Music and the App Store jumped nearly a third to $9.1bn. However, Cook was happy to point out that sales of wearable devices jumped almost 50 percent on a year earlier, attributable at least in part to the launch of the first cellular Apple Watch toward the end of 2017.

Some Asia suppliers did rally after Apple's report, with South Korea's LG Innotek Co. up as much as 7.3 percent.

The new buyback programme is the latest in a series of steady increases in Apple's dividends and stock buybacks since its stock split in 2014. "We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan", Cook added.

"India, we set a new first-half record". "Over time, every phone sold will be a smartphone and so it seems to us that with that many feature phones being sold, that's a pretty big opportunity", the CEO told analysts.

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