Apple reports higher Q2 profits, unveils big share buyback

Apple reports higher Q2 profits, unveils big share buyback

Apple also announced a $100 billion share buyback program and a 16 percent increase in its quarterly dividends.

With a mountain of overseas cash suddenly freed up by the tax overhaul, Apple bought back $23.5 billion of its own stock in the March quarter, a record amount for any USA company, according to S&P Dow Jones Indices, and it added $100 billion to its target for future repurchases.

Apple scored revenue increases in all operating regions compared with the year-ago period, China and Japan scoring the biggest gains in percentage terms.

For the months of January, February and March this year, the company grossed US$61.1B in revenue with a net profit of US$13.8B, a new record for the company for its fiscal second quarter.

Revenue for Apple's March quarter stood at about $61.1 billion, an increase from $52.9 billion previous year, according to Reuters.

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This growth was largely credited to the iPhone, with Apple flogging 52.2 million smartphones during the three-month period, up three per cent on past year.

The stock climbed 3.6 percent in after-hours trading. "I don't buy the view that the market's saturated", Cook said.

Apple has responded to rumours that its flagship iPhone X was failing to excite consumers with record sales. But Apple said that the iPhone X was the best-selling model in every week of the quarter - despite costing nearly $1,000 or £1,000.

Overall Apple reported a 3% rise in the number of phones sold, while revenue from phones jumped 14%, reflecting more expensive models.

As CNET notes, the fears that were stoked with regards to the sales of the iPhone X are likely overblown.

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In fact, Tim Cook took a moment to brag a bit about the newest iPhone: "Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter".

According to Reuters, the average selling prices (ASPs) for iPhones were $728, which is more than 10 per cent from the ASP of $655 in 2017. This segment includes the Apple Watch, AirPods, Apple TV, as well as the recently released HomePod smart speaker. This is a surprise to many analysts who in the past weeks expected iPhone sales to crater, amid reports that Apple suppliers such as Samsung had drastically cut projections for the upcoming quarter.

In the first quarter of 2018 in India, Apple was at the third spot with 20 percent market share in the premium smartphone category, according to market research firm Counterpoint Research.

The company had predicted revenue to be in the range of $60 billion to $62 billion.

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