Wednesday, 14 November, 2018

Apple Forecast Tops Analysts' Estimates on New IPhones, Services

Apple could become the world's first trillion dollar company today Apple's Market Value Is Approaching A Trillion Dollars: Report
Laurie Berry | 01 August, 2018, 05:01

High-priced iPhones continued to sell well with the iPhone ASP hitting $724. iPad sales came in at 11.6 million units. The fact that Cupertino is making more revenue off the same number of units shipped suggests the ultra-high-end iPhone X is still selling well.

"Apple gave the Street and tech investors finally some good news" beating earnings forecasts and predicting the current quarter will be strong, GBH insights head of technology research Daniel Ives said in a note to investors. Analysts expected revenue of US$52.4 billion and earnings of US$2.18 a share.

"Apple Music grew by over 50 percent on a year-over-year basis", Cook said during Tuesday's earnings call, where he also called out that more than 300 million users now subscribe to apps with subscription tiers available on the App Store.

"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", said Tim Cook in a statement. The company sold 41.3 million units, below expectations of 41.8 million units.

Analysts were eager for news from the California-based company about how the company is riding out trade turbulence between the United States and China.

The company earned $2.34 per share on revenue of $53.3 billion for its fiscal third quarter, compared with EPS of $1.67 and revenue of $45.4 billion.

Google Pixel 3 XL leaks again, this time in white
On the all-glass back, we've got the fingerprint sensor and the single-lens camera setup we expect for the Pixel 3 XL phone. Just like the iPhone X, the next Google Pixel phone will boast a controversial notch at the top of the elongated screen.

As the entry-level iPhone, the 6.1-inch device is expected to have an LCD screen and a lower price tag. The category includes the App Store, Apple Music, iCloud storage and Apple Pay. Apple's market cap sits at $935.3 billion. Analysts forecast US$9.2 billion.

Cook told analysts that Apple is on track to meet a goal of doubling Services revenue by 2020.

The iPhone revenue allayed fears among some investors after Samsung Electronics (South Korea: 005930) registered its slowest quarterly profit growth in more than a year Tuesday because its Galaxy S9 smartphone missed sales targets. Apple is forecasting a revenue guidance of between $60 and $62 billion in the fourth quarter, which is slightly above analyst estimates of $59.57 billion in the next quarter. Cook said wearables were a highlight of the quarter, with sales up 60 per cent year over year.

About the only impediments holding Apple from $1 trillion are buybacks and dividends, which enhance the company's share price though doesn't necessarily enhance its overall market value. The Apple Watch had a record quarter with mid-40 percent growth, the CEO also said.

Also drawing positive scrutiny are Apple's "other products" which includes AirPods earphones and HomePod speaker systems.

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