Apple earnings beat, iPhone sales in-line, stock jumps

Apple earnings beat, iPhone sales in-line, stock jumps

Apple (AAPL) announced its Q2 2018 financial results on Tuesday. The tech giant sold 52.2 million iPhones during the quarter, which was just about in line with analysts’ estimates, which called for the company to sell 52.3 million iPhones.

The company posted earnings of $2.73 per share on $61.1 billion of revenue. Those numbers beat analyst expectations of $2.64 earnings per share on $60.9 billion of revenue.

This is likely a relief to investors who were concerned about soft sales of the iPhone X due to its high price, and warnings from component manufacturers.

“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,” said CEO Tim Cook. “We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan.”

Tim Cook presents the iPhone X. (Getty Images)

IPad sales were down versus the previous quarter, with Apple selling 9.1 million units in Q2 compared to 13.2 million in Q1. Year-over-year sales of the slate, however, were up versus 8.9 million in Q2 2017.

Interestingly, Apple’s Mac division saw sales decrease both sequentially and year-over-year. The company sold 4 million Mac desktops and laptops in Q2, which was lower than the 5.1 million it sold in Q1 and 4.2 million it sold in Q2 2017.

Apple’s board approved a new $100 billion share buyback authorization and a 16% increase in its quarterly dividend.

Shares were up 4% on the news in after hours trading.

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