The Cupertino giant gave better projections for the next quarter than expected.
Apple beat its Q2, 2017 performance when it has shipped 50.7 million iPhones. Our board of directors has approved a new $100 billion share repurchase authorization, as well as a 16% increase in our quarterly dividend, effective with our next dividend payable later this month. Zacks Investment Research upgraded shares of Apple from a "hold" rating to a "buy" rating and set a $190.00 price target on the stock in a report on Wednesday, January 3rd. It's the largest share buyback program in corporate history, and is in addition to Apple's existing $210 billion stock buyback programs.
Apple's India profits grew 20 percent last quarter to hit record revenue, according to the company's latest earning calls. Wall Street expected $60.8 billion, according to Thomson Reuters.
Average selling prices for iPhones were $728, compared with Wall Street expectations of $742.
"The iPhone X is a beloved product, so I think its one of those things where the team wins the Super Bowl but maybe you want them to win by a couple more points", Cook said. Maybe you want them to win by a few more points, but it's a Super Bowl victor and that's how we feel about it.
#9: iPhone X features will be coming to cheaper iPhones real soon.
Skyworks Solutions Inc rose 2.9 percent, Broadcom was up 2 per cent, while Cirrus Logic gained 4.3 percent.
Chief financial officer Luca Maestri told an analyst conference call that the company would undertake the share purchases at "a very fast pace", but that the schedule would depend on market dynamics.
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Heading into earnings seasons, investors were hopeful that growth in that segment could help offset the cooling global smartphone market.
"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables", he said. This includes all the digital products it offers, from Apple Music subscriptions, to apps, games, and movies. Sales of iPads rose 2% to 9.1 million units compared with the same period a year ago, while Mac sales slipped 3% to 4.07 million.
In February, Apple said it planned to draw down its excess cash, although Cook had downplayed the possibility of a special dividend.
Apple has been seen as vulnerable to in the wake of intensifying rhetoric and threats between Washington and Beijing that have raised worries of a trade war.
Overall net sales were $61 billion, which after the cost of sales, R&D, administrative expenses and taxes became a net income of $13.8 billion, over 25% more than the $11 billion income for the three months, ending on April 1, 2017.
The biggest success story for Apple over the last few quarters has been its Services business.
Cook said he continues to believe that China is a "phenomenal country with lots of opportunity" both from a market and app developer point of view. What we do know, however, is that after a spike in revenue that year, growth in the business line tapered off, presumably as interest in the Watch waned.
Still, the iPhone remains Apple's most critical product, making up almost 70 percent of its total revenue - which is why any hint that Apple smartphone sales are weakening prompts panic among investors.