Apple Q2 earnings top estimates on strong iPhone X sales


    (Image: file photo)

    For what’s usually a quiet quarter, Apple was busy.

    It’s the company’s latest earnings report for the fiscal year following a busy holiday season. While the company’s supplier partners hinted at a rough quarter, the company’s earnings suggests otherwise.

    Apple reported a fiscal first quarter earnings $2.73 cents a share, up 30 percent year-over-year, on revenues of $61.1 billion (statement). Wall Street was expecting earnings of $2.67 per share on revenue of $60.8 billion.

    Here’s the company’s breakdown for the quarter:

    • iPhones: 52.21 million, up 3 percent on the year-ago quarter
    • iPads: 9.11 million, up 2 percent on the year-ago quarter
    • Macs: 4.07 million, down 3 percent percent in the year-ago quarter
    • Services (includes iTunes and Apple Pay): $9.19 billion, up 31 percent percent on the year-ago quarter
    • Other products (accessories and Apple Watch are included, but they’re not broken out separately): $3.95 billion, up 38 percent on the year-ago quarter

    Apple chief executive Tim Cook said the “strong” quarter was largely thanks to its newest iPhone X and accessories division — even if it didn’t break out its Watch figures.

    “Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter,” said Cook. “We also grew revenue in all of our geographic segments, with over 20 percent growth in Greater China and Japan.”

    The company also declared a cash dividend of 73 cents per share, payable in mid-May.

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

    Wall Street was expecting an outlook of $2.11 in earnings and revenues of $51.47 billion.


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