Apple also will spend $100 billion more buying back its stock, a move that will enrich shareholders by helping to drive up the company's stock price. The stock gained more than 3 percent to $174.90 in Tuesday's extended trading as investors celebrated the news of all the new money heading their way.
Apple has beat revenue and profit expectations in its March quarter as it sold 52.2 million iPhones, barely below Wall Street targets and showing some resilience as global demand for smartphones wanes. The iPhone 8 and iPhone 8 Plus were just behind it and ahead of all competition.
Earlier this week, Apple announced its financial results for the second fiscal quarter ended March 31, 2018.
Apple posted revenue for its March quarter of US$61.1 billion, up from US$52.9 billion past year. Apple's all-important "services" category (Apple Music, iCloud, Apple Pay, subscriptions) continued to soar, growing more than 30% to $9.2 billion.
Topped the list of iPhone X, which was sold in the amount of 16 million units.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Apple has a twelve month low of $142.20 and a twelve month high of $183.50. The middle tier for iCloud storage costs $2.99 (roughly Rs. 200) a month. As Apple pointed out, the ASP was higher this quarter than it was a year ago.
The good news is that Apple might be trying to do something about that, giving you more power in less time. and without having to spend money on a new accessory. However, that wasn't the case with iPhone sales beating estimates. The company's revenue for the quarter was up 15.6% on a year-over-year basis. research analysts predict that Apple will post 11.28 EPS for the current year.
So what comes next for the iPhone?
Cook hinted at additional sources of growth in terms of both geographical areas and product categories. Xiaomi has become wildly popular across India and China. Rosenblatt Securities set a $180.00 price objective on shares of Apple and gave the company a "buy" rating in a report on Tuesday, December 26th.
The Android smartphone market was diametrically different. All three new iPhones are world's best selling phones and tops the charts. "It's an area of great interest where we think we can make a big difference", he said on the call.
Apple now claims that its phones support fast charging to the tune of 50% in 30 minutes. but only with a lot of money spent on new accessories.