How many iPhones Apple sold in its second quarter

Apple results to reveal iPhone X problem

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The Company posted quarterly revenue of $61.1 billion, an increase of 16 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.73, up 30 percent.

Analysts had feared the high price was muting demand for the iPhone X, but Apple Chief Executive Tim Cook said it was the most popular iPhone model every week in the March quarter.

Paid subscriptions to Apple's services surpassed $270 million, up $100 million from a year earlier, Cook said, and the wearables business, like Apple Watch, is now as large as a Fortune 300 company. The latest figures were boosted by growth in all of its geographical segments, most notably in China and Japan, which saw growth of 20 percent. Cook also said Apple was narrowing its search for a new campus and expects to add some 20,000 jobs in the United States over the next five years. "iPhone X is a beloved product".

But investors have been counting on Apple to give shareholders much of the money coming in from overseas, especially after the company said it meant to eventually have little or no excess cash, after accounting for outstanding debt.

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Cook even went so far as to say that the iPhone X is outselling any of its other models on a weekly basis.

Apple's attempt at the smart speaker market has been slow on catching up on sales as opposed to it's Amazon & Google counterparts which have caused production cuts.

From the inception of its capital return program in August 2012 through March 2018, Apple has returned $275 billion to shareholders, including $200 billion in share repurchases.

That came on top of $22.8 billion in buybacks executed in the prior quarter, "a record amount for any issue in any quarter", analyst Howard Silverblatt said.

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As global handset profits dipped 1 percent (year-on-year) in the fourth quarter of 2017, Apple X alone generated 35 percent of the total handset industry profits, helping the iPhone maker grow 1 percent (YoY) in the same quarter.

Over the past few weeks, the prevailing narrative surrounding the iPhone X has been that sales of Apple's flagship device have been underwhelming. Apple issued an increased quarterly dividend of US$0.73 per share, up from US$0.63 - unsurprisingly, its stock was up 16 percent in trading at the time of writing.

IPad sales were also up, with 9.1 million units sold versus 8.9 million past year and 50% of purchases going to new iPad users.

Apple plans a new $100 billion share buyback program and a 16% increase in its quarterly dividends, following on the heels of the U.S. tax law changes signed late previous year.

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This growth was largely credited to the iPhone, with Apple flogging 52.2 million smartphones during the three-month period, up three per cent on past year.

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