Apple posts $61.1 billion in revenue-best March quarter ever

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In addition to stronger than expected iPhone sales and double digit Apple revenue growth for the Q, Apple also announced $100 billion in AAPL stock buybacks and a 16% dividend hike. Apple receives 30 per cent of the price of one-time app purchases and purchases made within apps, such as items in video games, and 15 per cent of App Store subscriptions to services like Netflix after a year.

iPad sales were up 2 per cent to 9.1 million, while Mac sales fell 3 per cent to 4 million. Not only have we seen rumors alleging that Apple in recent weeks has slashed iPhone X orders, disappointing revenue forecasts from some of Apple's key suppliers has only fanned the flames of pessimism amongst analysts and industry observers. In the prior quarter that included the holiday season, iPhone sales slipped 1% from a year earlier to 77.3 million units.

"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, services and wearables", said Cook. As for the other numbers, Apple revealed that it sold over 52 million iPhones and in the process generated $38.03 billion in revenue. iPhones constituted of nearly 62% of Apple's revenues. Wall Street analysts on average were expecting revenues of $60.8 billion. This may be partly why the iPhone maker is expanding to other offerings like original videos and a news subscription service.

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The majority of those sales stems from its iPhones, of which the company reportedly sold 52.2 million units in the second quarter. Its current payout is 63 cents a share.

But now Apple is eyeing more products and service headed towards India. What's different this time is that analysts and investors had mostly been bracing for weak iPhone numbers ahead of the report. The middle tier for iCloud storage costs $2.99 (€2.99) a month. The smartphone sector saw shipments fall 2pc in the past year, so it must evolve beyond its reliance on a device that still accounts for more than 60pc of revenue. JJJ Advisors Inc. acquired a new stake in Apple during the 3rd quarter worth $201,000.

Investors support Apple's effort to look beyond its signature product, the iPhone, for growth. Rosenblatt Securities reissued a "buy" rating and set a $180.00 target price on shares of Apple in a report on Friday, March 16th. This new facility could create as many as 20,000 jobs, Apple has said. A company that sells technology allowing phone assemblers to precisely fit an OLED display reported lower growth. Also noted were that services growth of 31% was much broader than just licensing increases.

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Apple had also reported $13 billion in revenue from greater China during its second fiscal quarter - a 21 percent year-over-year spike.

On whether the Indian market was saturated, Cook said: "I do not buy the view that market is saturated".

Profits were $2.73 per share versus expectations of $2.68 per share, as of Monday, and up from $2.10 a year ago. "Over time, every phone sold will be a smartphone and so it seems to us that with that many feature phones being sold, that's a pretty big opportunity", the CEO told analysts. So we continue to put great energy there.

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