Apple Earnings: iPhone Slips, Services Soar, Stock Spikes

During the quarter iPad revenue grew at the highest rate in six years

Apple guided for fiscal third-quarter revenue between $52.5 billion and $54.5 billion.

Shares of the company were up at $213.97, valuing it at around $986 billion, based on the 4.6 billion shares that its second-quarter report on Tuesday said were outstanding as of the end of March. The NASDAQ Composite dropped by 0.6 percent, while the S&P 500 dipped by 0.8 percent after it reached its all-time high. Cook said that, "We feel positive about our trajectory and that the company's "year-over-year revenue performance in Greater China improved relative to the December quarter". Services revenue was up 16% from $9.19 billion in sales from a year earlier.

Apple reported second-quarter iPhone revenues of US$31.05 billion, slightly lower than the US$31.10 billion expected forecasts.

While Apple is planning to return more cash to investors through higher dividend payouts as well as a US$75 billion share repurchase plan, research and development spending increased 15.7 percent to US$7.85 billion.

That news, plus a company forecast signaling the revenue downturn may be ending in the current April-June quarter, seemed to please investors. Apple's stock rose over 5 per cent in after-hours trading. Apple isn't expected to release a 5G iPhone until 2020, once the faster mobile service is available in more USA markets.

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MacBook sales stuttered during the three-month period too, with Apple reporting a that it's desktop and laptop unit saw a 4.5 per cent revenue drop to $5.5bn.

Huawei, meanwhile, weighed in with 50.3 percent growth to ship 59.1 million smartphones and put it within "striking distance" of Samsung, according to IDC.

Apple recently announced its March quarter earnings, which were above analyst's expectations.

With tens of thousands of developers in the country making apps for iOS, the operating system for Apple products iPhone and iPad, Apple had said that the initiative would provide additional, specialised support for them. Since it isn't selling customers phones as often, Apple has chose to charge more for each device, a move that's helped prop up the iPhone business despite lighter demand. We believe that 5G is one of the "new technologies" been evaluated by Apple and by next year, we will see a couple of 5G products from the company. "Good move, and it gives the company another "in" with its customers with every service it rolls out". He touted it as an example of how Apple intends to continue make money from the iPhones, iPads and Mac computers it has already sold. But some analysts have been underwhelmed, regarding Apple's new service offering as an imitator of Netflix or Amazon Prime rather than a real innovation.

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