Apple sees profits soar as iPhone X sales defy expectations

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Worldwide sales accounted for 65 percent of the quarter's revenue.

Overall Apple seems to have had an excellent quarter where they announced $61.1 billion in revenue, a 16% increase over the same time a year ago, and where they have also managed to sell 52.2 million iPhones, both of which seem to be in line with what some analysts had predicted.

Apple reported second-quarter earnings Tuesday, and it beat on both earnings per share ($2.73 compared to estimates of $2.67) and revenue (more than $61.1 billion compared to $60.8 billion).

Apple also reported sales of 52.2 million iPhones for the three months to the end of March, up from 51 million a year earlier - only just missing a Wall Street target of 52.3 million.

That helped the company earn almost $14 billion in its fiscal second quarter, a 25 percent increase from a year ago.

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"... We have extremely low share in that market overall", Cook said during Apple's second quarter 2018 earnings call on Tuesday.

In a recent conference called with analysts by Apple CEO Tim Cook, he said that the company's revenue between January and March was at $61.1 billion, Tom's Guide reports.

Apple sold 52.2 million iPhones, sales rise 3%.

Sales dollars likely outpaced unit sales because of the iPhone X's premium price.

Apple's decision to share more of its huge cash reserve, now estimated to be $267.2 billion, with shareholders helped to paper over the cracks of an otherwise unexciting set of results.

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The firm didn't break down how its "Other Products" - which include AirPods, the Apple Watch and HomePod speaker - performed individually, but did note that 90 per cent of the category growth came from wearable devices. Apple's all-important "services" category (Apple Music, iCloud, Apple Pay, subscriptions) continued to soar, growing more than 30% to $9.2 billion.

The reports of the iPhone X's demise may have been a little premature.

India, the third largest smartphone market in the world, has huge opportunities for Apple, Cook said. Apple's quarterly sales in the Greater China market rose by 21 percent to $13 billion, the third quarter of growth after six quarters of double-digit declines.

"I think there's lots of things that bind the countries together", said Tim Cook.

Cook said in India, Apple set a new first-half record. So we continue to put great energy there and our objective over time is to go in there with all of our different initiatives from retail and everything else. On top of this, he didn't think tariff issues between the United States and China would pose a problem for sales in the future because "there's a lot of things that bind the countries together", according to a recent BBC interview.

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