Apple shrugs off iPhone X fears and enjoys strong quarter

Apple's iPhone X

Apple's revenue stood at $61.1 billion, which was a 16 per cent increase from the year-ago quarter.

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. Analysts, meanwhile, were anticipating iPhone sales to fall in the 53 million range. The flagship iPhone model did well for the company, according to Apple CEO Tim Cook's statements.

It wasn't just the backward-looking numbers that impressed.

Apple has published the financial results for its fiscal Q2 2018, revealing a 16-percent increase in quarterly revenue to $61.1 billion. 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.

Apple shares surged in after-hours trading in NY despite the world's most valuable listed company missing iPhone sales expectations in its latest results.

In terms of iPhone sales, 52.2 million units were supposedly sold in the same timeframe, which translates to $38 billion in revenue. However, Apple iPad's revenue rose by 6 per cent on an yearly basis, though it witnessed a 30 per cent sequential decline. Wall Street is concerned that the technology giant's bet on the high-ticket device may not pay off and that consumers aren't embracing other products like Apple AirPods, Apple Music and the Apple Watch.

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"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables", Apple chief executive Tim Cook said. Apple seems to have dodged another poorly predicted bullet.

Average selling prices for iPhones were U.S. $728, compared with Wall Street expectations of $742.

Counterpoint Research reported that Apple's share in premium segment smartphones plunged significantly in the first quarter of 2018 by a massive 55 percent.

Heading into this week, several of Apple's component suppliers-Corning, Samsung, SK Hynix, Taiwan Semiconductor Manufacturing, and Teradyne-all hinted that Apple had cut back on orders, in particular for the expensive iPhone X. This is important because Apple now derives over 62 percent of its income from the iPhone. The iPhone X was launched on the very same day as the global launch.

Analysts had feared the iPhone X model's $999 (roughly £730) price tag could have muted demand for the handsets.

Apple head bean-counter Luca Maestri said the company now has 270 million paid subscribers across its applications and services. That was the fastest growth in more than two years. "Our objective over time is to go in there with all of our different initiatives from retail and everything else", Cook said during the company's earnings call late Tuesday. "And so that's how we look at that", he added.

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