Apple Announces $100 Billion Share Buyback After Beating Profit Expectations

Apple Announces $100 Billion Share Buyback After Beating Profit Expectations

AAPL closed Tuesday's trading at $169.10, up $3.84 or 2.32% on the Nasdaq.

India, the third largest smartphone market in the world, has huge opportunities for Apple, Cook said. But there were some disconcerting facts which they chose to ignore.

With all the dire predictions and forecasts of iPhone sales slowing down, Apple has been facing something of a PR nightmare recently.

Profits were $2.73 per share versus expectations of $2.68 per share, as of Monday, and up from $2.10 a year ago. Analysts believe the heavy emphasis on buybacks will bolster share prices, but some investors wished Apple had found different uses for the cash. The company shipped 52.2 million iPhones during the first three months of the year, up by just 3 percent from 2017. Going back a bit further, Apple during its March 2016 quarter posted revenue of $50.6 billion and EPS of $1.90.

iPad sales rose 2%, and iPad revenue increased 6% year-over-year, bringing in $4.1 billion in revenue. This indicates, the Apple iPhone X and its $999 price helped boost prices for Apple. Worldwide sales made up 65% of the company's revenues. To the Tame Apple Press this means that Apple is doing well, nothing to see here move on here.

"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services, and Wearables", said Cook. This is due to declines in shipments of iPhone 8 and iPhone X, along with increased import duty on CBUs by 20 percent. This is the same arogance which we think will eventually sink the company.

Big things are brewing at Apple
Big things are brewing at Apple

Cook was asked if he feels the iPhone market is saturated and not much room is left for growth even as potential exists in emerging markets like India.

The company cushioned the news with a big giveaway to investors. When it showed up it was missing most of the inovations expected and was prohitatively expense. It would appear that Counterpoint's positive report on Apple panned out with a strong performance in China. This was up 16 percent year-over-year.

The real test of the iPhone's enduring appeal will be how well sales are sustained until the next new model arrives in September. But Apple said that the iPhone X was the best-selling model in every week of the quarter - despite costing nearly $1,000 or £1,000.

The company pulled in $9.2 billion from services, which include Apple Music, iCloud, Apple Pay and the App Store. Cook also said Apple was narrowing its search for a new campus and expects to add some 20,000 jobs in the USA over the next five years.

On Tuesday, the company committed to spend an additional $100 billion on share repurchases.

WhatsApp cofounder leaves following Cambridge Analytica scandal
In a statement on his Facebook profile, Koum says that he will be "taking some time off to do things I enjoy outside of technology".

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