Apple reports higher Q2 profits, unveils big share buyback

Apple earnings jump on healthy iPhone sales

Apple earnings jump on healthy iPhone sales

Apple shares closed higher in the US Tuesday after reporting a 16% increase in quarterly revenues amid its best ever second quarter performance.

"I think there's lots of things that bind the countries together", said Tim Cook.

"Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow", Apple CFO Luca Maestri added.

"India, we set a new first-half record". On top of this, he didn't think tariff issues between the USA and China would pose a problem for sales in the future because "there's a lot of things that bind the countries together", according to a recent BBC interview. Apple has nearly two million application developers in China that are writing apps for iOS and the App Store, and "they're doing unbelievably creative work and innovative work".

Getty/Carl CourtBut the iPhone X was released alongside two other brand new iPhone models: the iPhone 8 and the iPhone 8 Plus. But he says the market for smartphones is getting saturated, and people are waiting longer to upgrade. "I don't see that from a market point of view or - and certainly not from an iPhone point of view", he said.

"It's an area of great interest where we think we can make a big difference in, so it's a major strategic thrust of ours", said Tim. That's 14 percent up from the same quarter as previous year. "And it's how we feel about it", Cook said in response to an analyst question about the X sales. The tech titan put to rest some of the market's concerns about whether the phone's $1,000 price tag would hurt iPhone sales. "And so we've spent quite a bit of time on that, as you might guess", he said. Apple's iPhones sold 52.2 million units last quarter, an increase of 3 percent from the same time past year with a higher ASP of $728, presumably bolstered by the iPhone X. The figure is up more than 10 percent from $655 a year ago, suggesting that Apple's iPhone X, which starts at $999, has helped boost prices.

"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, services and wearables", Cook said in a statement. While iPhone unit sales also increased, that figure was not almost as strong, with only 3% more units sold in the current quarter than in last year's.

Apple's India profits grew 20 percent last quarter to hit record revenue, according to the company's latest earning calls.

Apple also reported sales of 52.2 million iPhones for the three months to the end of March, up from 51 million a year earlier - only just missing a Wall Street target of 52.3 million.

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