Sales of iPhones, which account for almost two-thirds of company revenues, rose during the quarter, although total volume came in at 52.2 million units, a bit below consensus estimates of 53 million. And so we're putting a lot of energy there and working with the carriers in that market and they're investing enormously on LTE networks and the infrastructure has come quite a ways since we began to put a lot of energy in there due to their leadership and so forth, Cook added. On Tuesday, those investors learned that they are in line for a big chunk of the money.
The new plan to buy back even more stock comes after the U.S. changed its tax laws previous year, lowering its corporate rate to encourage companies to return cash piles to America. The company did not provide a timeline for the repurchases. Finally, DnB Asset Management AS raised its position in shares of Apple by 57.5% in the 4th quarter. Share buybacks, which are reaching record levels, are great for investors, including executives and employees, because they reliably lift stock prices by limiting the supply of shares for sale.
Luca Maestri, Apple's chief financial officer, said Apple was making significant investments in hiring, research and development, and manufacturing, "but we also have a very, very profitable business". By contrast, the company discloses unit sales for iPhone, iPad and Mac computers.
Apple said Tuesday afternoon it would buy back $100 billion in shares and raise its quarterly dividend 16%, to 73 cents a share from 63 cents a share. Apple suppliers had record inventory of chips due to lower sales of a high-end phone. So we continue to put great energy there. "And so we're working toward those things", he said. Adding further, he said that for the time being it is ok for the company to embark on the buyout strategy but in the long run this strategy won't work. Apple Watch got a boost from new models with cellular connectivity that launched in recent months. China's Xiaomi and South Korea's Samsung ruled the market in 2017 with marketshares of 24% and 19% respectively.
The three main drivers of the growth were iPhone, services and wearables.
Australia optimistic about India's participation in the Day-Night Test
The newly built Perth stadium will also make its debut when India and Australia face-off in second test match of the series. After India leave, Sri Lanka arrive, after nearly six years, for two Tests in January-February.
"That's our focus and I'm optimistic that - I don't know every play by play that will happen but over time, I think that view will prevail", Cook said, in response to a question about the likely impact on demand in the event of a trade war between the United States of America and China.
"I don't see that from a market point of view and certainly not from an iPhone point of view". But that isn't necessarily good for the hundreds of iPhone suppliers around the world, contrary to the market's initial bounce. "At the same time, within the services portfolio that we have, we have services that have different levels of profitability, so we also need to take into account the mix of services we're going to be selling". "This is the first cycle in which the top-of-the-line iPhone model has also been the most popular".
Cook acknowledged that in terms of the iPhone itself, Apple's market share globally is low and its sales are low compared to the full market of smartphones even though Apple sells quite a few phones across the course of a year.
"Apps are carrying most (services revenue) right now, but Apple needs to get to a place where it's mostly subscriptions and monthly fees and not just one-off downloads", Ask said. As Apple CEO Tim Cook said during the earnings call, "Q2 was our best quarter ever for services".