Apple Beat Third Quarter Expectations, as Phone Sales Barely Grew

Noel Cummings
August 30, 2018

And a $20 billion stock buyback in the quarter spurred by sweeping US corporate tax cuts brought Apple's buyback tally this year to a record $43 billion and exceeded the stock market value of nearly three-quarters of the companies in the S&P 500. With a market cap of over $935 billion at the close of trading on Tuesday, another 7% increase could put the company's value above $1 trillion (though it could require a slightly greater rise depending on how much stock Apple bought back during the quarter).

Apple Inc updated its latest share count on Wednesday, putting the magic stock price at $207.04 that would make the iPhone maker the first publicly listed USA company valued at $1 trillion. That ASP bump is likely be because of the pricey iPhone X, which starts at $999.

To hit the trillion-dollar market value, Apple shares would have to climb about five per cent more. Apple may have reduced its share count since then.

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Apple made more money from higher priced iPhones in the latest quarter, even as the number of phones it sold did not change much.

That said, the average selling price of iPhones jumped in the quarter as buyers opted for top-of-the-line X and 8 models, according to Apple.

Whenever Apple releases a new software, beta or an upgrade, millions of developers and enthusiastic fans comb through the Operating System (OS) to get a sneak peek at the future of Apple hardware. Maestri told Reuters that sales from Apple Care, the company's warranty offering, were up 27 percent versus a year ago. -China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated.

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"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", chief executive Tim Cook said in the earnings release.

It seems like Apple is now indeed making dual-sim support a reality. Maestri told Reuters that Apple could not keep up with demand for AirPods headphones. The figure included a one-time gain of $236 million in connection with resolving various lawsuits, which the company didn't specify.

APPLE has announced its profit had jumped more than 30 per cent to $US11.5 billion ($A15.5 billion) in the recently ended quarter, besting market expectations despite selling fewer iPhones than analysts projected. Cook said he's "optimistic" the countries will work out their differences. But Apple saw revenue declines in both the iPad and Mac computers. Now the new Beta is ready to show more capabilities and developers can test iOS 12 Beta 5.

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