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Apple reports Q2 profits of $13.8 bn, up 25.3%

Apple reports Q2 profits of $13.8 bn, up 25.3%

Apple reports Q2 profits of $13.8 bn, up 25.3%

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 previous year, a 22 per cent decline. It was being speculated that the 1000 dollar price which is approximately Rs. 66,700, of the new iPhone will result in a decline of sales of iPhone.

Apple's iPad sales were also up in the second quarter, with Apple selling 9.11 million of the tablets compared to 8.92 million this time a year ago.

Other companies announcing plans to return cash to shareholders include Facebook Inc, which announced a $9 billion buyback program when it reported earnings last week, and AbbVie Inc, which plans a tender offer starting as early as May 1 to buy up to $7.5 billion of its stock.

"We still believe that over time every phone sold will be a smart phone, so it seems to us. that's a pretty big opportunity", he said on a call with investors.

Apple also markets related accessories, software, networking solutions, services, and third-party applications and digital content. The company now has 270 million paid subscribers across applications and its own services, up by 100 million from the same period a year ago.

While several analysts did admit to missing the boat on the iPhone X, Apple yesterday announced that it had sold 52.2 million iPhone models during its fiscal Q2, slightly below the Wall Street consensus of 52.4 million units.

But investors have had concerns around Apple because of a brewing trade tensions with China.

Apple's guidance was also a big relief to investors anxious about iPhone sales.

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"We also grew revenue in all of our geographic segments, with over 20 per cent growth in Greater China and Japan", said Apple's CEO Tim Cook. Citigroup reiterated a "focus list" rating and issued a $142.20 price target (up from $100.00) on shares of Apple in a research report on Wednesday.

Apple shares rose decisively after the report, which beat analyst expectations in terms of profit and sales.

Apple's Mac lineup, though, continued to suffer from the company's neglect, with the firm seeing a three per cent decrease in sales to 4.07 million.

While actual iPhone X numbers were never revealed, the ASP rise and Tim Cook's mention of it being the top-selling iPhone model speak to Apple's flagship being far from a flop. For the first time, the latest iPhones will be available across 900 cities in India from more than 2,000 Reliance Digital outlets.

The company is the world's second largest smartphone manufacturer behind Samsung and with a clear lead over third-placed Huawei.

The stock jump follows some mea culpas from analysts who were were too pessimistic, misled by reports from Apple suppliers that implied slowing demand for iPhones.

"My own view is that China and the US have this unavoidable mutuality where China only wins if the USA wins and the US only wins if China wins", Cook said."So I'm a big believer that the two countries together can both win and grow the pie, not just allocate it differently and so that's our focus over time I think that view will prevail". Apple has continued to add new health tracking features to the Apple Watch and ships its iPhones with an app to manage health data and records.

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