Apple’s services spur a Street-beating Q2

Fredrick Soto
May 3, 2019

Overall, Apple earned $58.02 billion in the quarter, down more than $3 billion from the same quarter past year.

Apple a few moments ago issued its earnings report for the March quarter and posted revenue of $58 billion, a quarterly profit of almost $11.6 billion, and EPS of $2.46.

Apple shares rallied more than five percent in after-hours trade, with the results showing better-than-anticipated results from its new products and services in the fiscal second quarter to March 30. (For those keeping count, Cook said growth in that segment was around 50 percent.) Aside from iPhones, Apple actually had a solid three months of hardware sales. But.

The $1 trillion market capitalization mark seemed unattainable a few years back, but then Apple with its astounding growth managed to become the first company to cross the threshold back in August of 2018.

The company reported $58 billion in total revenue for the quarter ending March 31, 2019, down from the $61.1 billion reported at this point previous year.

Giving an impetus to its India manufacturing plans, Apple has started the assembling of iPhone 7 at its supplier Wistron's facility in Bengaluru.

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"Within this category, Apple Watch is the best-selling and most loved smartwatch in the world, and produced its best results ever for a non-holiday quarter".

Apple has been jockeying with Microsoft Corp. and Amazon.com for the title of most valuable USA company as all three have passed the symbolic trillion mark. Also in the fall, Apple will also be rolling out Apple Arcade, a premium gaming subscriptions service and even a credit card called Apple Card, which is slated for a summer release. While net income declined to $11.56 billion from $13.82 billion year-over-year, the $2.46 earnings per share figure topped Wall Street consensus forecasts by a dime. So as we're nearing an expected announcement in September, reports surrounding the iPhone 11 continue to stream in at a rapid rate.

The company's shares were trading around $210 in early trading after closing at $200.67 on Tuesday ahead of the quarterly report and valuing the company at around $970 billion, based on 4.6 billion shares outstanding.

Apple is hoping its slew of new services will appeal to many iPhone users.

"We're looking forward to sharing more with developers and customers at Apple's 30th annual Worldwide Developers Conference in June". "For me, the driver for tonight's (share price) move is the dividend hike. and more importantly the $75 billion buy back".

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