Apple's iPhone sales plummet from last quarter

Apple results to reveal iPhone X problem

Apple easily hit that goal, with 14 percent iPhone revenue growth in the period.So basically because Apple jacked up the price of the iPhone X it managed to make 14 percent more onthe iPhone account.

Apple shares were up 4.1% in Wednesday morning trading.

Apple posted quarterly revenue of United States dollars 61.1 billion for its fiscal 2018 second quarter ended March 31, 2018, an increase of 16 per cent from the year-ago quarter.

"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", said Maestri.

The tax bill makes it cheaper for Apple to bring back the more than $250 billion it holds overseas.

Apple sold 52.2 million iPhones during the fiscal second quarter, up 2.9% from a year earlier.

Ultimately, the iPhone X may not have helped Apple set any new quarterly sales records, but it's still a far cry from being a disappointment.

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Dispelling all the fears about poor iPhone X sales, CEO Cook said, "Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter".

And it has approved a new $100bn (£73bn) share repurchase authorisation and a 16 percent increase in its quarterly dividend.

Regarding the third quarter, Apple issued guidance for revenue between $51.5bn and $53.5bn, and a gross margin of between 38% and 38.5%.

Wall Street was also cheered by the announcement of $100bn in share buybacks, doubling the reward for investors compared to the same period past year.

As long as Apple continues to sell about the same number of devices each year - 217-million iPhones, more than 40-million iPads, and nearly 20-million Macs in financial 2017 - it can sell users of these devices a growing list of services that integrate tightly with the hardware. Apple's stock price bounced almost 4% on the news. This is surely good news for Apple investors considering arch rival Samsung has said that it sees a slowdown in demand for high-end phones. If a normal company tried it, they would be ignored, but Apple has that loyal fanbase which might be damaged in recent years, is still pretty strong. Revenue climbed 16% to $61 billion.

RBC analyst Amit Daryanani believes it will take Apple four to five years to deplete its cash reserves, assuming the company doesn't make a huge acquisition.

From the inception of its capital return program in August 2012 through to March this year, Apple said it had returned $275bn to shareholders, including $200bn in share repurchases.

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