Saturday, 18 August, 2018

Apple announces slow iPhone sales, but $100 billion for investors

Apple results to reveal iPhone X problem Apple iPhone SE 2 With Notch Display Expected to Launch on June 4: Price, Specs and More
Pete Mitchell | 03 May, 2018, 16:02

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.

Revenue from Apple's "other products" was $3.9 billion, and sales for the Apple Watch and AirPods were up nearly 50 percent.

With Apple's earnings report for the March quarter now behind us, I think it's fair to say that iPhone X sales are healthier than perhaps many were anticipating. While iPhone unit sales also increased, that figure was not almost as strong, with only 3% more units sold in the current quarter than in last year's.

Greater China sales rose 21 percent from a year earlier, Apple's best growth rate there in 10 quarters, to $13.0 billion.

On the wings of strong sales, Apple announced it will buy back additional $100 billion worth of its stocks. In Japan, Apple saw a revenue growth of 22 percent while in the rest of Asia Pacific, the revenue was up by around 4 percent.

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%.

"We now model no dongle this year", writes the analyst.

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"Cognex results provide further evidence that the smartphone cycle has turned south, the OLED overcapacity bites and Apple's iPhone X is over", Neil Campling, an analyst of Mirabaud Securities, told CNBC.

Curtis doesn't provide much insight into why Apple plans to stop including the adapter with new iPhones.

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. Over the past few weeks, iPhone production partners like SK Hynix and Taiwan Semiconductor Manufacturing - which churns out Apple's A-series processors - pointed to a dip in smartphone demand to explain their recent, somewhat disappointing earnings reports.

Despite a starting price of $1,000 for the iPhone X, revenue from total iPhone sales fell 38 percent to $38 billion from $61.6 billion during the period. On that front, Apple sold 52.2 million handsets (an increase of 3% over last year) at an average selling price of $728. "With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our USA operations and work toward a more optimal capital structure".

The company, flush with a huge cash pile on strong earnings enhanced by the USA tax cut plan of 2017, announced $100 billion in new share buybacks plus a 16 per cent boost to its quarterly dividend.

Apple is set to unveil their second quarter earnings today.

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