India is a challenging market in short term: Apple CEO Tim Cook

Posted May 03, 2019

Apple has posted its second quarter results (full figures available in this PDF) with a revenue of revenue of $58 billion, down 5 percent from the previous year.

Apple has wrestled with a slowdown in iPhone sales in key markets such as China and saw its first ever year-over-year decline in iPhone revenue for the holiday shopping season. Apple's guidance for the next quarter is higher than expected, with shares up by 4% in after-hours trading.

In the meantime Apple is repositioning itself as a services and software company as well as the manufacturer of hardware. Apple also provided stronger-than-expected revenue projections of between $52.5 billion and $54.5 billion for its current quarter, sparking optimism that weak demand in iPhone sales may be improving.

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Services revenue, which includes sales from Apple Music, the App Store and other businesses, reached $11.45 billion, compared with analyst estimates of $11.32 billion, according to FactSet.

Apple said its buybacks previous year amounted to more than $70 billion, or around five times its own spending on research and development.

The company's woes stem from flagging sales for iPhone, but the segment still came in at $31.05 billion and accounted for 53% of Apple's revenue base. Around this time past year, Tim Cook declared in that Apple saw "over 20% growth in Greater China", a figure that absolutely contributed to the company's best March quarter ever. The company lowered prices for several iPhone models in China in recent months. Rather than focusing on how many new iPhones it has sold, Apple wants to now focus on how many iPhones are out in the world to show how vast its services business could be. At a showcase in March, Apple unveiled new subscription services for games, news... Since it isn't selling customers phones as often, Apple has chose to charge more for each device, a move that's helped prop up the iPhone business despite lighter demand. During the earnings call, Cook mentioned that Apple's investment in its device trade-in program over the past year has helped grow the program exponentially, thanks to positive customer reactions. But we're learning a lot. Earlier this week Samsung shocked the markets after it unveiled a dramatic fall in both sales and profits, but it blamed that on slowing demand for chips and screens.

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"I think India is a very important market in the long-term".

Apple has been gradually buying back a portion of its shares. Recently, Apple's CEO, Tim Cook was asked "what is Apple's 5G strategy" and "when will Apple launch 5G products?"

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