Apple reports strong Q1 2018 results, iPhone X overwhelmingly popular


Apple reports strong Q1 2018 results, iPhone X overwhelmingly popular

This has raised questions about demand for iPhones next quarter, which is Apple's biggest source of income. This was also the first full quarter when the new iPhone 8 and 8 Plus were available to customers. "Apple has only really made incremental improvements, in terms of new features, in comparison to older models or industry competitors".

The company said it had sold 77.3 million iPhones, roughly one per cent lower than its sales previous year, and far lower than analyst expectations of between 80 million and 83 million. But the higher price tag for its models likely offset the dip.

The average selling price for iPhones during the quarter was almost $800, up from $695 in the same quarter a year earlier, hinting at the impact of the pricier model.

"We're thrilled to report the biggest quarter in Apple's history", CEO Tim Cook stated. According to this report, the tech company is planning to stop production of the iPhone X in the second half of 2018. The lower sales forecast only adds to those jitters.

Earlier this week, research from Kantar Worldpanel ComTech found that Apple's market share had increased across Europe, with the iPhone X among the top three best-selling devices across most major markets. Analysts were expecting the iPhone X to trigger a super-cycle of massive upgrades.

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Apple's App Store also saw a record year said Cook, he also stated that sales of the Series 3 Apple Watch had doubled over sales of the Series 2 watch.

Nevertheless, despite the fact that it's expensive, the iPhone X is reportedly doing well in the United States, where Apple fans are willing to pay more enjoy the experience and be part of the Apple ecosystem.

"We did it because we thought it was the right thing to do for our customers", Cook said. "It was not in our thought process of deciding to do what we've done". The company's quarterly revenue was up 12.7% compared to the same quarter past year.

The cash pile of Apple - whose market cap as at writing is at $841.24 billion - now sits at $285 billion. Winning here could be crucial, as consumers are expected to migrate to voice-based engagements for much of their everyday use of online services.

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"Tax reform will allow us to pursue a more optimal capital structure for our company", Chief Financial Officer Luca Maestri said Thursday on the earnings call.

Despite the iPhone's slower sales, investors can still be pleased by the large amount of cash that the company is sitting on.

Apple announced a dividend of $0.63 per share on Thursday.

The company previously announced plans to make approximately $38 billion in tax payments to the US government under the new tax plan's repatriation rate for its cumulative foreign earnings.

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