Wednesday, 15 August, 2018

Apple earnings beat expectations as it sells pricier iPhones

Apple iPhone X Apple will report earnings on Tuesday Credit Getty
Orlando Vargas | 01 August, 2018, 06:40

Apple attributed the latter figure to the fact that 2017's MacBook Pros launched within the same quarter last year, whereas this year's models didn't launch until right after the end of the quarter, so those sales are not included in the figures for this year.

Analysts are predicting iPhone sales to be up slightly on a year ago, but revenue to rise further thanks to the higher price of the iPhone X, which Apple said, when announcing its last set of results, was its best-selling phone. But in an interview with Reuters, Apple CFO Luca Maestri said the iPhone X was the company's best-selling model during the quarter.

Apple's quarterly results have beaten market expectations - driven by its sales of fewer, but more expensive, iPhones and revenue from services like the App Store, Apple Music and iCloud. Sales in that sector rose 31 percent to $9.5 billion.

The Cupertino, Calif., company forecast revenue of $60 billion to $62 billion for its fiscal fourth quarter, which will include early sales of soon-to-be-announced phone models, beating the $59.6 billion analysts expected.

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Apple could become the world's first trillion-dollar company if the technology giant reports better than expected financial results this evening. Much of Apple's manufacturing takes place in China, and the Chinese market is Apple's second biggest when it comes to revenue, so the company could be affected in the future. The company posted revenue of $53.3 billion. It also makes Mac computers, iPads and the Apple Watch, develops software and operates Apple Pay, the mobile payment system, and Apple Music, the music streaming service. Revenue did drop by 13% compared to the previous quarter, and that may largely be attributed to declining iPhone sales as buyers wait for the company's refreshed lineup of handsets sometime later this year.

But several of Apple's services do not face strong rivals. -China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated. The category includes AirPods headphones, the Apple Watch, Apple TV, and the HomePod. However, Cook said that current tariffs, such as one the United States imposed on steel and aluminum, do not directly affect the company's efforts.

Cook dismissed the need for record revenue during the call, saying that because the smartphone market is so vast, it doesn't matter if revenue dips or goes up 10%. Net income was $11.5 billion, up 32.1% year-on-year, and gross margin was 38.3%, down about 0.2 percentage points.

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