Apple reports higher Q2 profits, unveils big share buyback

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Surprising everyone, Apple recorded its "best-ever" March quarter. In its latest earnings report, released after markets closed on Tuesday, Apple revealed that it bought back $23.5 billion of its own shares in the March quarter, a record amount for any US company, according to Reuters, and plans to boost dividends by 16% in the future, compared with a 10.5% increase previous year.

There had been increasing concerns about iPhone sales in the run-up to the results.

Apple has released its fiscal Q2 results and the numbers are, as is often the case, mind boggling.

Apple sold 52.2 million iPhones in the second quarter of 2018, which was down 32 per cent from the first quarter of this year when it had sold 77.3 million iPhones but up only three per cent from the second quarter of 2017 when it had sold 50.7 million units. The company now has 270 million paid subscribers across applications and its own services, up by 100 million from the same period a year ago.

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Shares rose 3.2 per cent to $174.49 in after-hours trading. Sales of iPhone hit 52.2 million, it sold 9.1 million iPads - which may have seen a slight boost by the launch of its "cheap" iPad in the final week of the quarter - and 4.1 million Macs.

The services division continues to be one of its most lucrative, with a 31 per cent revenue growth year on year.

The next generation of software for the iPhone, iPad and other product lines will be shown off at its annual developer conference, WWDC, next month. He was unconcerned about the high price of the iPhone X.

Despite the iPhone X's controversial price tag, and recent predictions by market analysts that the model is likely to be discontinued this year, Cook said the phone was more popular than ever.

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Reports of poor iPhone X sales, amid claims major rival Samsung was stealing a charge with its Galaxy S9, don't seem to have dented Apple's fortunes.

Buoyed by the fact that more Indians are set to move into the middle class, Cook said he will now put great energy into the growing domestic market. The smartphone sector saw shipments fall 2 percent in the past year, according to Strategy Analytics, so the company must evolve beyond its reliance on a device that still accounts for more than 60 percent of revenue. Paid subscriptions surpassed 270 million, across services, which is an increase from the 100 million in 2017. That was the fastest growth in more than two years. The statement is important in light of the data leaks being revealed at Facebook. "But we also want to do it efficiently". You're not our product. "So we look at China holistically, not only as a market", he noted. While answering questions, Apple CEO Tim Cook stated that India is an important growth market for the company.

He further added, "India is the third largest smartphone market in the world". And so we're working toward those things.

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