Apple reveals $100bn share buyback despite iPhone surplus

Apple reveals $100bn share buyback despite iPhone surplus

In a recent conference called with analysts by Apple CEO Tim Cook, he said that the company's revenue between January and March was at $61.1 billion, Tom's Guide reports.

Apple reported revenue and profit that beat analysts' estimates and projected continued sales momentum, calming concern about demand for the iPhone, its most-important product. Apple sells more iPhone X units every week than any other iPhone model, and that's been the case since the launch of the device back in November. 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.

Apple has been emphasizing its contributions to the USA economy in recent months, outlining a $30 billion US spending plan and highlighting the tens of billions of dollars it spends each year with US -based suppliers. It was the best quarter yet for services, and growth continues to be strong, Cook said, with a total of 270 million paying subscribers in the Apple ecosystem.

Apple traditionally updates its share buyback and dividend programme each spring, and the $100 billion it added this year compares with an increase of $50 billion last year.

Apple had been seen as being under particular pressure as rivals undercut prices for its top iPhone models while the iPhone 8 range and 10th anniversary edition iPhone X received lukewarm reviews.

Curtis doesn't provide much insight into why Apple plans to stop including the adapter with new iPhones.

The California-based firm which, like rivals, is under pressure amid a slowdown in smartphone sales said it had shifted 52.2 million handsets in its second financial quarter - up from nearly 51 million in the first three months of 2017. That suggested the $1,000 flagship iPhone X didn't perform as well as some anticipated when it launched a year ago. Even though the quarter ending March didn't include sales of the firm's new edu-focused iPad, Apple boasted that it increased its share of the global tablet market during the quarter, with the number of active iPad users reaching an all-time high. Specifically, Cook said wearable revenue was up almost 50% over past year.

According to Luca Maestri, the company's CFO has said that Apple now has greater flexibility from global cash, which they can use to "efficiently invest in [the company's] U.S. operations and work toward a more optimal capital structure".

Apple shares rose 5 percent in extended trading, after closing at $169.10 in NY.

In terms of iPhone sales, 52.2 million units were supposedly sold in the same timeframe, which translates to $38 billion in revenue.

Supply chain analysts have pointed to disappointing earnings and revenue forecasts from some of Apple's suppliers overseas, which indicate that the company isn't buying as many components for the iPhone X. But Apple's earnings show that demand for the iPhone X remains strong, said GlobalData analyst Avi Greengart.

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