Wall Street praises Apple as tech giant becomes less reliant on iPhone

03 May, 2018, 14:27 | Author: Manuel Hopkins
  • The Apple iPhone X sits on display at the new Apple Michigan Avenue store along the Chicago River in Chicago. Associated Press files

In emerging markets Apple has struggled to attract customers as rivals such as Xiaomi and Huawei introduce more premium offerings and dominate the company's largest foreign market, China.

Apple's wearables business also grew, by almost 50 per cent over the same period past year, he said. Worldwide sales accounted for 65 percent of the quarter's revenue.

Apple is working with carriers that are investing in creating LTE networks. "And the infrastructure has come quite a ways since we began to put a lot of energy in there due to their leadership and so forth", Cook said.

The amount Apple spent buying its shares in those three months exceeded the stock market value of most companies in the S&P 500 index, including household names like Kroger Co, Best Buy Co Inc and Hershey Co. The company didn't provide a timeline for the repurchases. Finally, DnB Asset Management AS raised its position in shares of Apple by 57.5% in the 4th quarter.

Apple Inc. (NASDAQ:AAPL), a Consumer Goods sector firm, traded 66.41 Million shares in last trading session and stock went up 4.42% with closing price of $176.57 per share. Share buybacks, which are reaching record levels, are great for investors, including executives and employees, because they reliably lift stock prices by limiting the supply of shares forsale.

"I'd hoped for more on the dividend side or maybe a strategic investment", said Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel. "Given our confidence in Apple's future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend". Apple suppliers had record inventory of chips due to lower sales of a high-end phone.

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When it comes to fears about the iPhone X's performance, this report should "all but put them to rest", Motley Fool senior analyst Jeff Fischer said."Tim Cook and Apple are playing the long game", he added. On top of that, Apple is supposedly bundling USB-C to Lightning charging cables with the new iPhones, which are required for fast-charging to actually work. "So we look at China holistically, not only as a market". And, according to Cook, the services growth was global.

"I don't buy the view that market's saturated", he said.

He highlighted that in terms of the market in general, past year there were still half a billion feature phones sold in the world, with many of these being sold into emerging markets. "At the same time, within the services portfolio that we have, we have services that have different levels of profitability, so we also need to take into account the mix of services we're going to be selling".

However, the iPhone ASP was US$796 for the fiscal first quarter, which meant that it was down 9 percent sequentially. In the last quarter, insiders have sold 125,988 shares of company stock worth $21,336,201.

Apple is said to be focusing on services after witnessing a slowdown in smartphone sales.

Apple's better-than-expected results stemmed in part from the sale of ancillary goodies from games to cloud storage, but none of those benefit hardware partners such as Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Hon Hai Precision Industry Co (鴻海精密), whose fortunes are more closely tied to iPhone unit sales, which rose just 2.9 percent in the first quarter.

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