Apple makes shareholders happy with new buyback plan, strong earnings and sales

Apple earnings jump on healthy iPhone sales

The results show Mac sales have fallen compared to Apple's year ago quarter.

Paid subscriptions to Apple's services surpassed $270 million, up $100 million from a year earlier, Cook said, and the wearables business, like Apple Watch, is now as large as a Fortune 300 company.

But Apple chief executive Tim Cook said: "This is the first cycle that we've ever had where the top of the line iPhone model has also been the most popular".

Apple doesn't disclose sales breakdown for specific iPhone models, but CEO Tim Cook said he couldn't be happier with the current state of the iPhone X. The latest figures were boosted by growth in all of its geographical segments, most notably in China and Japan, which saw growth of 20 percent.

Revenue for Apple's Other Products category was up 38% year-over-year, totaling $4 billion - nearly as much as the iPad alone.

Revenue in the three months ended in March rose 16%, year over year, to $61.1 billion, yielding earnings per share of $2.73.

Dan Ives, head of technology research at GBH Insights, said that forecast "was much better than feared and will be a major relief" to investors heading toward the next iPhone release later this year.

Worldwide sales accounted for 65% of the quarter's revenue, the firm said.

Well, amid reports that iPhone X sales have been somewhat disappointing, cumulative iPhone sales for the quarter checked in at 52.2 million units.

With all the noise from analysts that iPhone X production was falling off a cliff, investors expected today's earnings to be a huge disappointment.

The tech behemoth also enjoyed its best-ever quarter for services, with revenue topping $9bn, up by over $2bn YoY.

"So we're working toward those things". The company intends to rectify that with a cheaper model with numerous iPhone X's features later this year, Bloomberg News has reported. That's up from $52.9 billion a year ago, though down from $88.3 billion on the last quarter. Sales of 52.2 million iPhones against a Wall Street target of 52.3 million was a comfort and up from 50.7 million previous year, according to data from Thomson Reuters.

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.

Luca Maestri, Apple's chief financial officer, said: "With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our USA operations and work toward a more optimal capital structure". Apple also increased its quarterly dividend to 73 cents a share from 63 cents.

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