Apple’s Tim Cook bullish on services coy on iPhone 5G
Apple Inc on Tuesday forecast stronger-than-expected third-quarter revenue and Chief Executive Tim Cook said iPhone sales had started to stabilize in China, a sign that Apple's price cuts there are helping limit sales declines.
Over the past three months, Apple raked in just north of $31 billion thanks to iPhone sales, compared to $37.6 billion this time in 2018. Nonetheless, it beat Wall Street analysts' estimate of $2.36, according to Thomson Reuters data.
As a point of contrast, Apple during the same quarter previous year posted revenue of $61.1 billion and EPS of $2.73.
Apple first breached the trillion-dollar valuation in August past year, but later gave up the gains as signs emerged of weak demand for its newest iPhones, especially in China, the world's biggest smartphone market. Cook attributed that decline to "processor constraints", but the CEO also said that these constraints should not have a long-term effect on Mac sales.
Products such as Apple Pay, Apple Care, and Apple Music generated a record $11.5 billion in revenue during the quarter, a 16% increase from a year ago.
Speaking on Apple's fiscal Q2 earnings call, Cook said that there was "a huge move from the cable bundle to over-the-top" among consumers, and that Apple TV+ would play to that.
"Chinese vendors are certainly introducing novel features ahead of Samsung and Apple". That means that customers are more likely to buy new iPhones if they can get some money back by handing over their existing handsets or if they can choose a financing option that works for them.
"Apple had a challenging first quarter as shipments dropped to 36.4 million units representing a staggering 30.2% decline from past year", reports IDC.
Apple has been focusing more on services recently and is certainly aware of their potential as the next big growth opportunity.
The solution offered by Apple in order to push more units during new iPhone launches has been to provide trade-in and finance options. Last month, Apple revealed a new credit card offering and subscription services for news, television and gaming, though only the news subscription is now available to purchase.
This confirms what we already know - that Apple is totally bossing the smartwatch market.
Keep it AppleMagazine for the latest on Apple, every day of the week. This quarter saw $31.1 billion in iPhone sales, down from $37.6 billion past year.
The company's last regulatory filing in January showed there were more than 4.715 billion shares outstanding at the end of December and a formal quarterly filing expected later on Wednesday should give an even lower number. It ended the quarter with some $225 billion in cash.
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