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$100 billion share buyback boosts Apple's shares

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Apple results to reveal iPhone X problem

Apple has reported best-ever second quarter despite widespread worries of a slowdown. Since the launch of the iPhone 8, iPhone 8 Plus and the iPhone X, the MSRP of an Apple phone is a bit higher.

"On iPhone X specifically, Cook said, "I think it's important to maybe emphasize again one of the things I mentioned in my opening comments, that customers chose iPhone X more than any other iPhone each and every week in the March quarter, just as they did following its launch in the December quarter".

Here are the key take-aways. So we continue to put great energy there and try to - our objective over time is to go in there with all of our different initiatives from retail and everything else.

"China and the United States have this unavoidable mutuality where China only wins if the U.S. wins and the USA only wins if China wins and the world only wins if China and the United States win", Cook said in a conference call on Tuesday to discuss the Cupertino, California-based company's quarterly results. Earlier this year, chief financial officer Luca Maestri said iPhone revenue would grow by at least 10% year-over-year in the fiscal second quarter. The company, which was expected to earn $60.8 billion, sold 52.2 million iPhones, falling just shy of the projected 52.3 million iPhones.

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

Apple's share in the Indian smartphone market has stagnated to 3 percent over the recent quarters. Overall, the services unit beat estimates by a wide margin (http://www.marketwatch.com/story/apple-earnings-were-saved-by-the-companys-new-mvp-2018-05-01) that Cook said spanned geographies, though he did note Apple Pay strength in China and other Asian countries. The new 9.7-inch iPad price starts at Rs 28,000.

Apple last night reported a jump in second-quarter earnings and announced a new $100 billion share buyback plan, although sales of iPhone smartphones narrowly missed expectations. With its Macs largely in the middle of their product cycle or older, it recorded 4.1 million sales, down from 4.2 million for the same period a year ago.

With all the dire predictions and forecasts of iPhone sales slowing down, Apple has been facing something of a PR nightmare recently. Individually, the App Store, Apple Music, iCloud, and Apple Play all achieved record revenues. It's a boost of 100 million compared to a year ago.

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