Apple’s quarterly earnings and revenues were reported yesterday.
Apple discovered that as a company, they sold fewer iPhones than expected and shares rose as much as 5% after hours.
The iPhone sales were still up from a year ago, and Apple’s CEO Tim Cook said in a statement that its customers “chose iPhone X more than any other iPhone each week in the March quarter.”
Apple’s net income came to $13.82 billion, which was up from $11.03 billion a year ago. Apple has also earned $2.10 a share on revenue of $52.9 billion.
Even though iPhone sales were lower than expected, Apple has managed to make more money than forecast and has also offered Wall Street a $100 billion capital return programme.
Sales could be lower due to Apple’s new approach by releasing three new flagship phones, instead of the usual two. This meant it may have been harder than usual to analyse the company’s success.
Apple has also faced a huge amount of competition in China, with it being a massive market which has market leaders such as Xiaomi and Huawei.
However, Apple’s market capitalisation remains the highest in any public market and it has also announced plans to invest further into advanced manufacturing in the U.S and to add a new campus.
Cook also said he sees a massive opportunity to take care of its customers and to convert more mobile phone users in countries such as India.
He added: “I don’t buy the view that the market’s saturated. I think the smartphone market is sort of the best market for a consumer product company in the history of the world.”
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