Apple Q2 2018: When "doomed" is actually $61.1bn in revenue

03 May, 2018, 12:09 | Author: Sherry Houston
  • Apple iPhone 8

The company saw more customers purchasing the recently launched iPhone X than any other version of the iPhones, during the quarter.

According to Apple's data sheet, the company shipped 52.2 million iPhone units in Q2, 2018 which was a sequential decline from the 77.3 million iPhones shipped in the previous quarter.

For the quarter which ended March 31, Apple recorded $61.1 billion in revenue, up by 16 percent from a year ago, and $2.73 in earnings per share, up by 30 percent.

Despite a starting price of $1,000 for the iPhone X, revenue from total iPhone sales fell 38 percent to $38 billion from $61.6 billion during the period.

But Apple chief executive Tim Cook said: "This is the first cycle that we've ever had where the top of the line iPhone model has also been the most popular".

iPad sales rose 2%, and iPad revenue increased 6% year-over-year, bringing in $4.1 billion in revenue. That's up from $52.9 billion a year ago, though down from $88.3 billion on the last quarter.

For the quarter ending 31 March, Apple posted a net profit of $13.8bn (£10.1bn), up from last year's $11bn (£8.1bn).

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Not all of Apple's businesses were so lucky, the Mac went down by 3%, with just 4 million units sold.

Revenue from Apple's "other products" was $3.9 billion, and sales for the Apple Watch and AirPods were up nearly 50 percent. Revenue for the company topped estimates at $61.1 billion, and earnings per share also came in above expectations at $2.72 a share. The silver lining continues to be the services division, which is growing faster than ever predicted.

Revenue grew in all geographic locations where Apple (NASDAQ:AAPL) is available, but global sales made up 65% of the revenue for this quarter. Services, an area that Apple is said to be focusing on with the slowdown in smartphone sales, had $9.19 billion in sales during the quarter. An expanding Chinese market has helped up drive revenues.

This adds weight to the rumours that Apple's Siri-powered HomePod speaker isn't selling too well, with recent reports claiming that the firm has been forced to lower sales forecasts and cut orders with suppliers. No new Macs entered the market during the quarter, and reports of user dissatisfaction with the latest MacBook Pro keyboards may also have affected those results.

It said revenue from Americas grew 17 percent while that from Europe jumped by 9 percent.

"India, we set a new first-half record".

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