Apple Earnings: Stock Jumps on 16% Dividend Increase

Apple Earnings: Stock Jumps on 16% Dividend Increase

Apple Earnings: Stock Jumps on 16% Dividend Increase

The other mainstays of the company's product portfolio didn't shift much from a year ago, either. iPad sales jumped slightly to 9.1 million, though there's plenty of room for movement there - after all, this quarter doesn't take into account the recent launch of the 2018 iPad, a sequel to a device Apple spokespeople have called its most popular model.

Apple does not offer sales figure from Apple Watch, AirPods and other peripherals but it did confirm revenues from other products were up 38 percent from a year ago. The firm's services also grew, with Apple Music, iCloud, Apple Pay among others all cumulatively soaring by more than 30 percent, bringing in 9.2 billion dollars in revenue.

For the current quarter, the company sees revenue of $51.5 billion to $53.5 billion, and a gross-profit margin of 38% to 38.5%.

Reports of weak iPhone sales in the run-up to the earnings proved to be true, with Apple shifting "just" 52.2mln units in the quarter, behind analysts' already-lowered estimates of 52.5mln. As he discussed that, Cook nearly casually mentioned a new American campus, which he said would be described in more detail in the future.

"India, we set a new first-half record". More recently there was a report from Fast Company who claimed that Apple was "disappointed" with the iPhone X's sales, so much so that they were apparently reducing the number of orders from their suppliers. While that's not quite as high as last quarter's $796 ASP, it far exceeds last year's $654 and is a strong sign that iPhone X sales aren't almost as dismal as analysts expected.

The iPhone X launched in November 2017 and starting at $1,000 and topping out at $1,150 it's Apple's most expensive handset ever.

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The new buyback programme is the latest in a series of steady increases in Apple's dividends and stock buybacks since its stock split in 2014.

Cook noted that the infrastructure in India has come "quite a ways" since Apple began to put a lot of energy in the Indian market "because of their leadership and so forth".

Cook touted the iPhone X's outperformance during the quarter as a major accomplishment in its own right, even as some analysts sought more details. "And so we're working toward those things", he said.

In addition, Apple has announced a new $100 billion share repurchase authorization. Sales of iPads rose 2 percent to 9.1 million units compared with the same period previous year, while Macbook sales slipped 3 percent to 4.07 million.

"Recent corporate tax reform allows us to deploy our cash more efficiently", said Apple Chief Executive Tim Cook, on a conference call to discuss Apple's results. It also announced 16 percent increase in quarterly dividend offered to shareholders.

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