Inside Apple Inc.'s iPhone Results

Apple posts surprise dip in iPhone sales shares fall

Apple posts surprise dip in iPhone sales shares fall

Apple CEO Tim Cook announced today that the iPhone maker will be putting $1 billion of its roughly $256 billion cash hoard into a United States advanced manufacturing fund.

The flagship iPhone sold 50.7 million units on the quarter, down one per cent, year on year. This accounted for $33.25 billion in revenue or 63 percent of the total.

For the first time in Apple's history, iPhone sales fell in the second quarter of the previous fiscal year, followed by three more quarters of dropping iPhone sales compared to their corresponding quarters the previous year.

Meanwhile Apple Mac sales rose from 4 million a year ago to 4.2 million (in line with analyst expectations).

Cook said that while he only "glanced" at that survey, in general, the company is seeing "what we believe to be a pause in purchases on iPhone", which he says the company believes is "due to the earlier and much more frequent reports about future iPhones".

"For outlook, mgmt's forecast showed modest downside to revenue and implied iPhone estimates, though, we concur that there may be temporary pause in demand ahead of the 2H product cycle". Despite the strong financial results, iPhone and iPad shipments were weaker than consensus estimates, causing many analysts to reduce earnings estimates for the remainder of the year.

Cook made the announcement during an interview Wednesday on CNBC's "Mad Money," telling host Jim Cramer his company is always searching for ways to do more to bring advanced manufacturing jobs into the country.

The author does not own Apple stock. "And so you can see, we're really looking at this thing deeply". Apple's share dropped to 43%, from 62%.

Cook also added that Apple would announce initiatives to support its current employees and add to their ranks, and to aid the software developers who make apps for Apple's phones, watches and computers.

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