But just how many watches did Apple sell last quarter?

by Dominic Parks May 3, 2018, 14:07
But just how many watches did Apple sell last quarter?

"Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow", said Luca Maestri, Apple's CFO. The revenue that Apple collected this season is thirty-eight billion dollars, proving iPhone X both profitable and popular among the people.

According to CyberMedia Research, Apple sold only 5,85,004 iPhones in India in the quarter, compared with 7,52,544 in the same quarter past year, a 22 per cent decline.

Apple posted revenue for its March quarter of $61.1 billion, up from $52.9 billion a year ago.

That came on top of $22.8 billion in buybacks executed in the prior quarter, "a record amount for any issue in any quarter", analyst Howard Silverblatt said.

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. "The iPhone X is a beloved product", Apple CEO Tim Cook said on a post-earnings conference call with analysts. By contrast, the company discloses unit sales for iPhone, iPad and Mac computers.

Apple said that for the current third quarter, it expects revenue between $51.5 billion and $53.5 billion.

Apple Inc. shares rose $6.26 (+3.70%) in premarket trading Wednesday. Tim Cook told investors that customers chose the anniversary iPhone "more than any other iPhone each week in the March quarter", similar to what they did in December quarter.

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Along with the stock price, Apple options volume is surging, with around 225,00 calls and 161,000 puts on the tape so far - five times the expected intraday pace.

Apple, which started manufacturing iPhones in India one year ago, has cut the price of some of its models.

No company benefited more from the tax break on overseas cash than Apple, which had accumulated more than $250 billion outside the US during the past decade, thanks to the huge popularity of the iPhone and other products.

The three months ending with March were Apple's first full quarter selling its new flagship phone, the iPhone X. Analysts had pointed to signs, including the financial results of Apple's suppliers, that the device and its sister iPhone 8 and 8 Plus had not revitalised Apple's iPhone business as the company had hoped.

Apple this week clocked flexible sales of iPhone in spite of waning global demand and committed $100 Billion in extra stock buybacks. The firm's target is based on 14.9 times its fiscal 2019 EPS target after better than expected earnings, stable iPhone unit shipments and growing revenue through services.

Wall Street's belief that Apple will pass along most of its cash to shareholders has helped bolster its stock, even though its latest iPhones haven't spurred as much sales growth as most investors hoped. Corundum Group Inc. now owns 2,242 shares of the iPhone maker's stock valued at $346,000 after purchasing an additional 299 shares in the last quarter. "We were happy to see double digit growth in our active installed base of Macs to a new all-time high, with nearly 60 per cent of March quarter purchases coming from customers who are new to Mac", Cook said.


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