Apple posts $61.1 billion in revenue-best March quarter ever

Apple CEO Tim Cook said the company was thrilled to announce its best second quarter ever, with solid revenue growth in Wearables, iPhone and Services. CNBC's Jim Cramer said on Tuesday that Apple "sold more iPhones than most of the bullish analysts thought, including the X, which the community had derided endlessly".

Apple surprised everyone by garnering more than expected sales during the second quarter of 2018.

That helped the company earn almost $14 billion in its fiscal second quarter, a 25 per cent increase from a year ago. Digital content, AppleCare, Apple Pay, licensing and other services saw 31 percent growth, bringing in $9.2 billion in revenue for the company. "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", he said.

Lawmakers have been hoping Apple and other companies would use the overseas cash to create more jobs in the US and spend more on other projects that will help accelerate economic growth.

According to market research firm Counterpoint Research, the company had sold 2.9 million devices in 2016-17 compared to 2.2 million in the previous fiscal year.

The higher prices of the iPhone X and iPhone 8 helped to offset a slight miss on unit sales, with total iPhone sales climbing to US$38.0bn in the quarter.

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The company shipped 52.2 million iPhones during the first three months of the year, up by just 3 per cent from 2017.

Although Cook would not provide specific sales figures for the iPhone X, he stressed that the performance should be viewed as a sign of strength regardless of the details. Apple reported that its services business grew 31 percent from the same time a year ago. "We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan", said Tim Cook. Apple said revenue in mainland China, Taiwan and Hong Kong had risen 21 per cent to US$13 billion, the largest increase in 10 quarters.

Shobhit Srivastava, research analyst in Counterpoint Research, which estimates mobile phone shipments, told TOI that India continues to be a challenging but high growth market for Apple. 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.

The biggest overhaul of the United States tax code in more than 30 years, the new law slashes the corporate income tax rate to 21% from 35% and charges multinationals a one-time tax on profits held overseas.

"There's obviously huge opportunities there for us and we have extremely low share in that market overall and so we're putting a lot of energy there", Cook said on Tuesday's call with analysts. And even though much of the opportunity for further growth in the smartphone market is at the low end in emerging markets, don't expect Apple to go down in price much, Morgan Stanley analyst Katy Huberty said. I think the smartphone market is sort of like the best market for a consumer product company in the history of the world...but that is how I feel about it.

Apple has been seen as vulnerable to in the wake of intensifying rhetoric and threats between Washington and Beijing that have raised worries of a trade war.