Apple Q2 results silence iPhone X critics with US$61B in revenue


"Customers chose iPhone X over any other model every week during the March quarter, just as they did in the December quarter", Cook told investors.

Other products like AirPods, Apple TV, Apple Watch, Beats headphones, HomePod, iPod Touch and other Apple-branded and third-party accessories saw an increase of nearly $4 billion, 38% more than the same quarter a year ago.

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

Apple also will spend $100 billion more buying back its stock, a move that will enrich shareholders by helping to drive up the company's stock price. The stock had fallen in recent weeks on concern about demand for the flagship iPhone X.

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Cook also said the iPad Pro and Apple Pencil, both popular with artists and students, are rejuvenating the market for iPads, and he boasted of strong sales of HomePod, its smart speaker offering. The decision to release three new iPhone models at once, along with the X's steep price, raised fears that consumers might not opt for Apple's top-of-the-line iPhone.

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Julie Ask, an analyst with Forrester, said Apple's services segment results were positive but warned that Apple needed to continue to boost subscriptions on its platforms, which reached 270 million users in the March quarter and includes people who subscribe to third-party apps on the iPhone as well as Apple's own services like iCloud.

Apple showed that even weaker iPhone sales can't slow the technology giant down.

Beating expectations, iPhone sales were up 3% year over year for a total of 52.217 million iPhones sold. That suggested the $1,000 flagship iPhone X didn't perform as well as some anticipated when it launched past year.

Of course, with the iPhone still accounting for the vast majority of Apple's revenue, analysts tend to gauge Apple's financial health by closely keeping tabs on quarterly iPhone sales.

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] USA operations and work toward a more optimal capital structure". Sales of iPads rose 2 percent to 9.1 million units compared with the same period a year ago, while Macbook sales slipped 3 percent to 4.07 million. However, compared to the last quarter, revenue for the category fell more than $1 billion, from $5.5 billion. Profit came in at $2.73 a share, the company said Tuesday in a statement. The company approved a new $100 billion share repurchase authorization and increased its quarterly dividend by 16% to 73 cents a share.