Apple Reports Positive Q2 Results

Cristina Cross
May 3, 2018

Apple has published the financial results for its fiscal Q2 2018, revealing a 16-percent increase in quarterly revenue to $61.1 billion.

Apple this afternoon posted its earnings results for the recent March quarter and, as we've come to expect, the company remains a money-making machine.

Profit per share was $2.75 for the period, an increase of 30 per cent on the same quarter a year ago. Describing iPhone X sales, Cook compared it to winning the Super Bowl, but not by as much as you'd like it.

Apple also announced a 16% increase of its cash dividend to 73 cents per share, up from 63 cents per share, as well as a stock buyback program that will extend into the third 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", Cook said in a statement. The company reported growth in all geographic segments including a pop of 20% in Greater China and Japan.

What surprised a lot of analysts was that a reported 21% increase in revenue from Greater China in March behind strong sales of the $1,000 iPhone X, which outsold all other iPhones in the market. Furthermore, "other products", which includes Apple Watch, HomePod, AirPods, and Apple TV, ballooned to almost $4 billion, an increase of 38%.

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Apple introduced the iPhone 8 and iPhone 8 Plus on September 22 a year ago and its most expensive smartphone, the iPhone X, on November 3. Individually, the App Store, Apple Music, iCloud, and Apple Play all achieved record revenues.

According to Luca Maestri, the company's CFO has said that Apple now has greater flexibility from global cash, which they can use to "efficiently invest in [the company's] United States operations and work toward a more optimal capital structure".

Shares of AAPL ended the regular trading session higher at $169.10, a gain of $3.84 (+2.32%), on heavy volume of 43.3 million shares trading hands.

Paid subscriptions to Apple's services surpassed $270 million, up $100 million from a year earlier, Cook said, and the wearables business, like Apple Watch, is now as large as a Fortune 300 company.

Apple will complete the execution of the previous $210 billion share repurchase authorisation during the third fiscal quarter. The stock further gained $6.54 or 3.87% in the after-hours trade.

Overall the company has predicted a revenue range of $51.5 billion to $53.5 billion for the June quarter, with a midpoint ahead of the $51.6 billion Wall Street expected.

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