But just how many watches did Apple sell last quarter?

03 May, 2018, 14:30 | Author: Barbara Daniel
  • The Apple iPhone X sits on display at the new Apple Michigan Avenue store along the Chicago River in Chicago. Associated Press files

Taking into account of iPhone's revenue contribution and the iPhone ASP, Apple could achieve a 10 percent year-on-year growth in iPhone shipments in the current quarter with around 45 million units shipped. Most of the number crunchers following Apple raised their target price on the stock and their estimate of iPhone sales for the current quarter.

"Apple Watch had another great quarter with revenue growing by strong double digits year-over-year to a new March-quarter record", Cook said. A 31 per cent increase in services revenue to US$9.2 billion was a bright spot in earnings reported on Tuesday, lifting overall gross margins as well as sales, the company said. Despite this, Cook gave a lot of credit for the company's success to the iPhone, particularly countering reports of the iPhone X sales plummeting.

Apple said that it had sold 52.2 million iPhones overall, slightly below analyst estimates of 52.5 million, according to market research firm FactSet.

With some $61.1 billion in revenues, Apple has reported its best quarter March.

It's now clear that betting on higher prices with the $1,000 iPhone X was not a mistake, as it was Apple's best selling model every week since it went on sale, according to CEO Tim Cook.

He states: "I don't buy the view that the market is saturated". However, there were still some signs of slippage in the iPhone's fortunes seen within the results.

Apple's stock price rose nearly 4% to $176.57 on Wednesday, at the high end of the price range where it has been mired since early November.

Describing India as a "huge market", Cook said many people will be moving into the middle class over time in the country, referring to the tremendous consumer opportunity that presents to global companies.

Additionally, the company offers a cloud service called iCloud that stores documents, music, photos, calendars, contacts, mail, and others.

So, in summary: Apple has a potentially great future business in wearables, it has an fantastic current business with iPhones, and it has a nice steady recurring revenue business with services.

Also showing notable growth was Apple's Other Product category, which saw its total revenue up 38 percent to $3.95 billion.

As long as Apple continues to sell around the same number of devices each year - 217 million iPhones, more than 40 million iPads, and nearly 20 million Macs in fiscal 2017 - it can sell users of these devices a growing list of services that integrate tightly with the hardware. But an 11 per cent increase in their average price - driven by the US$1,000 iPhone X - helped raise iPhone revenue by 14 per cent.

He added that the Board had approved a new $100 billion share repurchase authorization. The firm now has more flexibility to spend its cash without risking high tax payments, after recent changes tot he tax law. The Weibo report also suggests that the charger will see a new design, replacing the traditional square shape used since the iPhone 3G era.

Cook also weighed in on fears about a trade war between the United States and China, which is Apple's third-largest market.

"My view is that China and the USA have an unavoidable mutuality, where the US only wins if China wins, and China only wins when the US wins - and the whole world only wins when they are both winning".

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