Apple is making more money in India than ever

May 03, 2018, 10:03
Apple is making more money in India than ever

Recent news reports suggested there had been weak demand for the pricey handset, but the company said this was the first cycle that its top-of-the-line had also been its most popular, outselling the iPhone 8, 7, 6S, and SE.

Apple has announced a new $100 billion buyback program and is increasing its quarterly dividend after exceeding analyst expectations in its second quarter. Apple reported iPhone unit sales of 52.2 million, slightly below the Thomson Reuters consensus of 52.3 million.

Apple introduced the iPhone 8 and iPhone 8 Plus on September 22 previous year and its most expensive smartphone, the iPhone X, on November 3. Assuming Apple earmarks most of its cash for shareholders, Daryanani expects the company to reduce the number of outstanding shares by 31 percent, or roughly 1.6 billion shares, during the next five years.

The iPhone continues to account for the bulk of Apple's revenues at just over 62 percent of the total.

Wearables has also jumped 50 per cent due to its wireless bluetooth AirPods and Beats headphones, the Apple Watch, and its digital speaker HomePod.

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Well, amid reports that iPhone X sales have been somewhat disappointing, cumulative iPhone sales for the quarter checked in at 52.2 million units. The services division includes revenue from products like App Store, Apple Music, iCloud, Apple Pay, Apple Care and other services.

Apple previously promised to hire 20,000 more workers during the next five years, including some at a planned new campus in a still-to-be-identified USA city outside California.

Mr Cook said Apple had the three top-selling phones in China and brushed aside concerns about how a brewing tariff fight between the USA and China, where many of its phones are made, could hurt the company.

Sales growth of more than 20% in Japan and the greater China market - a critical area for the company - helped to lift the numbers.

Much of the concern was directed at the iPhone X. The new model, with a full bleed screen and facial recognition, was once viewed by investors as key to driving customers to upgrade their smartphones.

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And it has approved a new $100bn (£73bn) share repurchase authorisation and a 16 percent increase in its quarterly dividend.

However, Cook said iPhone X is the best-selling smartphone in China right now.

Cook even went so far as to say that the iPhone X is outselling any of its other models on a weekly basis.

Apple second quarter results: The iPhone X remained a best seller for the company, according to Apple CEO Tim Cook.

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