Sales were modestly up year over year - versus Q2 2017's 50.76 million iPhones, 8.92 million iPads, and 4.199 million Macs, which generated $52.9 billion in quarterly revenue - with a 16 percent improvement for Q2 2018.
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In the first quarter, CVS Health Corp . booked a $998 million profit, with adjusted earnings of $1.48 per share. Nomura downgraded T-Mobile US, Inc. (NASDAQ:CORE) earned "Hold" rating by Stephens on Friday, January 5.
For the upcoming quarter, Apple projected revenue between $51.5 billion and $53.5 billion, a gross margin of 38-38.5 percent, operating expenses between $7.7 billion and $7.8 billion and other incomes/expenses of $400 million, with an applicable tax rate of 14.5 percent.
Total iPhone sales during the quarter, which account for more than 60 percent of Apple's total revenue, rose by 14 percent from a year ago. Now this isn't to say that iPhone X sales have been through the roof.
"India, we set a new first-half record". We expect more color on this from Apple during the company's quarterly conference call with analysts. Worldwide sales accounted for 65 percent of the quarterly revenue. This is due to declines in shipments of iPhone 8 and iPhone X, along with increased import duty on CBUs by 20 percent.
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In addition, the analyst from Sanford C Bernstein who predicted previous year that iPhone owners who had previously held back on updating would finally update with the iPhone X, reported no such "supercycle" had occurred.
Mac revenue was flat year-over-year, recording $5.8 billion in revenue, but the Mac business did post a drop in unit sales of 3%. They have also been watching carefully for signs of what Apple plans to do with its hundreds of billions of dollars in cash. It turns out that the iPhone X is selling really well and now, it's going to buy back $100 billion worth of stocks. Frankly, we're a little shocked that number hasn't dipped further considering the company's general lack of visible work on its computers.
Apple also announced a 16% increase of its cash dividend to 73 cents per share, up from 63 cents per share, as well as a stock buyback program that will extend into the third quarter. Apple announced revenue from Greater China market grew 21 percent during the second quarter.
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"With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our USA operations and work toward a more optimal capital structure", Apple Chief Financial Officer Luca Maestri said in a news release.