Apple (AAPL) Expected to Announce Quarterly Sales of $61.33 Billion

Apple (AAPL) Expected to Announce Quarterly Sales of $61.33 Billion

Apple reported second-quarter earnings of $2.73 a share, up 30 percent year-over-year, on revenues of $61.1 billion.

The first quarter of 2018 was the biggest quarter on record for buyback announcements, with $242.1 billion worth of buybacks announced by US companies, according to TrimTabs.

The $US1,000 iPhone X - Apple's most expensive iPhone - was the best-selling phone "every week" during the quarter, Cook said. "We also grew revenue in all of our geographic segments, with over 20 per cent growth in Greater China and Japan", he said.

Shares of Apple closed Tuesday up 2.3% at $169.10, and the stock was last seen up more than 4% at $176.44 after about an hour of trading on Wednesday at a level that was more or less in line with the initial after-hours reaction on Tuesday.

His comments follow a positive quarterly update, in which the tech giant announced a dividend hike and a $100 million share buyback scheme following a strong three months to the end of March (representing the company's fiscal second quarter). In the weeks leading up to Apple's results, analyst after analyst cut earnings estimates and warned the iPhone boom times could be over.

Apple Inc lavished cash on its shareholders like no company in history in the first three months of the year and it intends to keep doing so, making the iPhone maker's investors the clearest winners yet from last year's sweeping US corporate tax cuts.

Pegatron Corp, Hai Precision Industry and other key suppliers of Apple indicated that total sales in the March quarter rose by 8% but the growth slowed later sharply. Apple will now spend $14.8 billion a year on dividends, the most of any company, Silverblatt said. Past year the lowest-priced iPhone, the iPhone 8, had a starting price of $699.

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Based on what they heard from supply sources, analysts had said earlier this year that iPhone X sales were below expectations.

Being too reliant on one product has its obvious pitfalls but there are also perhaps "hidden" benefits to generating more sales from the services business. Apple earnings is always a big event for traders and investors, so expect the stock be especially volatile today.

Apple's iPhone X reportedly sold better than many analysts expected.

Investors have been on edge amid signs of disappointing iPhone sales, including Apple's flagship iPhone X model.

Apple provided a relatively solid outlook for the current fiscal third quarter, with revenue in the range of US$51.5 billion to US$53.5 billion. "While investors will always have some anxiety regarding the quarterly iPhone number, the results and guidance suggest we've entered a period of greater visibility in the iPhone business". In fact, they went as far as to say that it will be discontinued in 2018 and Apple will focus entirely on the new lineup. He said that "because we're making all the right investments all around the company, it makes ideal sense for us not to keep the cash on our balance sheet but return it to investors".

In the March quarter, Apple's revenue was $US61.1 billion (up from $US52.9 billion last year), and its profit was $2.73 per share (higher than the expected $2.68 per share).

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