Apple said Tuesday that it sold 52.2 million iPhones during the first three months of the year, up just 3% from the same period a year earlier. As a result, Apple will be buying back stocks that could be worth $100 billion.
IPad sales were also up, with 9.1 million units sold versus 8.9 million previous year and 50% of purchases going to new iPad users.
It wasn't just the backward-looking numbers that impressed. The company announced a revenue of $61 billion, up 16 percent on-year, and a net income of $13.8 billion, for the quarter ending March 2018.
At 4.1 million units, sales of its Mac computers were down slightly, from 4.2 million units on a year ago, and down from 5.1 million units compared to the last quarter. Its phone business brought in $38 billion in revenue, which was up 14% from the year before.
The company in an earning report after the market closed Tuesday also unveiled a new plan to return more money to shareholders and said services sales jumped 31 percent.
Surprising everyone, Apple recorded its "best-ever" March quarter.
Apple beat its Q2, 2017 performance when it has shipped 50.7 million iPhones. Investors have watched Apple closely in recent weeks as a string of poor forecasts from the smartphone supply chain signaled that iPhone demand may be lower than previously expected. The average selling price was $728, versus analysts' expectations of $740. It did not give a target for earnings per share.
Apple boss Tim Cook has hailed the company's "best March quarter ever" as revenues soared to more than $61bn. The iPhone X was launched on the very same day as the global launch. He said the ASP growth was "mainly driven by iPhone X", indicating the $1000 price point had worked in the company's favour. Apple is slowly but steadily expanding its subscription-based offerings and with strong growth in services revenue, it is evident that consumers are responding positively to whatever Apple offers. However, Cook was happy to point out that sales of wearable devices jumped almost 50 percent on a year earlier, attributable at least in part to the launch of the first cellular Apple Watch toward the end of 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.
It's also hard to quantify how much of the repatriated money is being funneled to shareholders. You're not our product. "So we look at China holistically, not only as a market".
Cook said in India, Apple set a new first-half record. He pointed out that India is the third largest smartphone market in the world.