Apple investors have received some positive news from the company’s most recent figures.
Moreover, the company announced its intentions to buy back $100 billion for shares as revenue soars.
Resilient iPhone Sales
Despite concerns over a shrinking global smartphone demand, Apple reported strong iPhone sales. At the same time, it revealed its intention to buy back $100 billion worth of its stock. This punctuated the company’s best ever second quarter results.
The announcement, which exceeded Wall Street’s forecasts, sent the company’s shares upward. By the end of that day, it had experienced a 3.6 percent shot in the arm, reported the Independent.
Apple’s Revenue and Sales
Apple reported having brought in £44.9 billion ($61.1 billion) in revenues. The same period last year saw figures closer to $52.9 billion. Not only did Apple greatly exceed last year’s numbers but it also blew past Wall Street’s predictions of $60.8 billion.
Wall Street predicted the average iPhone selling price to be $742. While the figure didn’t quite reach that level, it wasn’t far below it at $728. Still, this represented a 10 percent growth from last year’s $655.
The company sold 52.2 million iPhones. Last year at the same time, that figure had been 50.7 million. That said, the company only just fell short of Wall Street’s iPhone sales target of 52.3 million
iPhone X Performance
Analysts had expressed broad and significant concern over iPhone X sales. The high cost of the device caused analysts to predict lower demand – and therefore sales – of that model. However, Apple CEO Tim Cook pointed out that every week throughout the March quarter saw the iPhone X as the most popular smartphone model the company had to offer.
“This is the first cycle that we’ve ever had where the top-of-the-line iPhone model has also been the most popular,” explained Cook. “It’s one of those things like when a team wins the Super Bowl, maybe you want them to win by a few more points. But it’s a Super Bowl winner and that’s how we feel about it.”
Beyond that, President Trump’s tax regulation changes freed up enough of Apple’s cash to make it possible to promise a $100 billion buyback of shares.