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Apple uses mountain of extra cash for a stock-buying spree

Apple uses mountain of extra cash for a stock-buying spree

Apple has also approved a $100 billion share buyback program and a 16% increase in quarterly dividends.

And Apple's services revenue, which includes iCloud and Apple Music subscriptions and its share of app sales, rose 31 per cent to US$9.2 billion.

The results sent the tech company's shares up 3.3 per cent to $US169.10 in after-hours trading. Celebrated Apple analyst Ming-Chi Kuo shocked many in January by saying that the company would cease production of the tenth anniversary model by the middle of this year.

That came on top of $22.8 billion in buybacks executed in the prior quarter, "a record amount for any issue in any quarter", analyst Howard Silverblatt said. While the flagship iPhone X may not have matched the hype from its launch late past year, the device's $999 starting price helped boost phone revenue growth 14%.

The consensus estimate of those firms puts Apple Watch unit sales at 4.4 million in the March quarter. "The iPhone X is a beloved product", Apple CEO Tim Cook said on a post-earnings conference call with analysts. It also managed to improve upon 2017's second quarter taking of $11.03bn by taking $13.82bn this year.

But the company's third-quarter outlook of $51.5 billion to $53.5 billion compares favorably to analyst forecasts for the period. Apple's share of the Indian smartphone market has hovered at 2-3%. That was followed by more recent reports to clients from Mirabaud Securities analyst Neil Campling, who as late as yesterday reiterated his earlier comment that the iPhone was dead.

Other companies have also been using their tax-cut cash to reward shareholders. Revenues, however, grew marginally.

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It is unclear how many new users of Apple Pay became active users: that is, began to make transactions through the platform, as the company does not report user numbers or transaction volume for the service.

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 previous year.

But the key number everyone was looking to was the one that has the greatest impact on AAPL stock: iPhone sales.

Shares of Apple were up roughly 3% in after hours trading on Tuesday in the USA after the company reported fiscal Q2 earnings that beat analysts' revenue and profit targets, and forecast stronger-than-expected results in the current quarter. Apple earnings is always a big event for traders and investors, so expect the stock be especially volatile today. But it's a Super Bowl victor and that's how we feel about it.

San Francisco: Apple Inc.'s results confirmed that, while the days of double-digit smartphone industry growth are over, chief executive officer Tim Cook has a plan to withstand the slowdown.

As for disappointing iPhone X sales and trouble in China?

"My own view is that China and the US have this unavoidable mutuality where China only wins if the USA wins and the US only wins if China wins", Cook said."So I'm a big believer that the two countries together can both win and grow the pie, not just allocate it differently and so that's our focus over time I think that view will prevail". In emerging markets Apple has struggled to attract customers as rivals such as Xiaomi and Huawei introduce more premium offerings and dominate the company's largest foreign market, China.

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