Apple Proves iPhone Is Still King, iPhone X Sales Surpass Doomsday Warnings

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Apple shares closed higher in the US Tuesday after reporting a 16% increase in quarterly revenues amid its best ever second quarter performance.

Led by what Cook called "strong revenue growth in iPhone, services and wearables", the company reported a profit of $2.73 a share, on $61.1 billion in revenue. While the company still hasn't shared Apple Watch sales specifics, Cook said that Apple Watch revenue grew by double digits year-over-year, achieving a new March quarter record. In addition, revenue grew in all of Apple's geographic segments, led by over 20 percent growth in Greater China and Japan.

Apple's iPhone revenue increased 14% to $38 billion in the quarter.

The Street has gone into "full panic mode" ahead of next week's Apple (NASDAQ:AAPL) earnings report, according to GBH analyst Daniel Ives. Overall, Apple saw its strongest March quarter ever, giving the company another record milestone.

Apple's share in the Indian smartphone market has stagnated to 3 percent over the recent quarters.

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He said that Apple now has 270 million paid subscribers across both applications and its own services, this is up 100 million year over year, and 30 million quarter over quarter. The company said yesterday that it had returned $275 billion in total capital to shareholders since 2012. With Apple's results all eyes were on the performance of the iPhone, and the iPhone X in particular. "It's a huge market and it's clear that many people will be moving into the middle class over time as we've seen in other countries", the Apple CEO added.

The new buyback programme is the latest in a series of steady increases in Apple's dividends and stock buybacks since its stock split in 2014.

"Since we split the line with the launch of iPhone 6 and 6 Plus in 2014", Tim Cook said, "this is the first cycle in which the top of the line iPhone model has also been the most popular".

As for its outlook, Apple is guiding for fiscal third-quarter revenue of between US$51.5bn and US$53.5bn - towards the higher end of the US$51.6bn Wall Street number crunchers had penciled in. That compares with Q3 2017's projected range of $43.5 billion to $45.5 billion target range, which it met with an actual revenue of $45.4 billion. Shares in the company have since stablised.

Incidentally, with Apple now having more cash at its disposal thanks to the Republican tax plan, Apple announced a 16% increase to its quarterly dividend.

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