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Apple Bullish on Indian Market With $61.1bn in Revenue

02 May 2018

The Cupertino, California-based company also raised its dividend, unveiled a new US$100bn share buyback and said services sales jumped 31%.

But investors were cheered by progress elsewhere - with shares rising by up to 5% as revenue and profits surged and on confirmation the company was to reward shareholders through proceeds it was repatriating to the United States following tax reforms announced by President Trump.

Apple closed on Tuesday at a value of $169.10 but was able to reach almost $175.00 within a few hours of the quarterly results being posted. While there has not yet been a tariff on devices such as Apple's iPhone, Cook last week traveled to Washington to meet with U.S. President Donald Trump at the White House to discuss trade matters. Sales were up 3% compared to previous year and slightly lower than analysts had expected, but numbers beat the gloomiest forecasts and were enough to deliver Apple its best second quarter ever, with revenues of over $61bn.

Apple has been emphasizing its contributions to the US economy in recent months, outlining a $30 billion USA spending plan and highlighting the tens of billions of dollars it spends each year with US -based suppliers. That number fell in the second quarter, to $728. Apple continued to add more and more cash to its reserves, though a significant amount of it was overseas.

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"The last time [Apple] gave a time frame they exceeded that by 25 percent", he said. The company has so far returned $275 billion to shareholders since 2012. That included a collective $200 billion in share repurchases.

As recently as a week ago, the average analyst revenue forecast was $51.9 billion.

The iPhone maker reported $13 billion in revenue from Greater China.

Analysts have been predicting the death and end of Apple's iPhone line ever since Apple debuted the iPhone line.

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"Across all our services, paid subscriptions surpassed 270 million, up over 100 million from a year ago and up $30 million in the last 90 days alone, contributing to the overall increase in services revenue".

The company's iPhone unit sales came in at 52.2 million, below the 52.54 million that analysts polled by StreetAccount estimate. Gross margins are set to be between 38% and 38.5%, broadly level with Q2, but slightly down on the Q3 2017. The flagship iPhone model did well for the company, according to Apple CEO Tim Cook's statements.

Several iPhone suppliers and manufacturers reported disappointing results in recent weeks, sparking concern that Apple's numbers would be weak. Buybacks and dividend offerings are expected to strengthen investor confidence in the stock which should see the share price tick higher.

The debate over how well the higher priced iPhones would sell started back in September. As a result, the reception on Wall Street was pretty muted, and Apple seems to have to figure out some other way to restart that iPhone growth engine. Describing India as a "huge market", Cook said many people will be moving into the middle class over time in the country, referring to the tremendous consumer opportunity that presents to global companies.

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Apple Bullish on Indian Market With $61.1bn in Revenue