Quarterly revenue of $58 billion and earnings per share of $2.46 both beat expectations. Revenues fell 5 percent to Dollars 58 billion in its fiscal second quarter to March, in line with the company's outlook, and earnings were down 10 percent to USD 2.46 per share.
Last one year has been tough for Apple in India, with its market share tumbling to less than 1 per cent in the first quarter of 2019.
Apple continues to return massive amounts of cash to shareholders through dividends and share repurchases as it works on becoming net cash neutral.
The decline in quarterly sales was again due to the Chinese market.
China-based Huawei outsold Apple's iPhones in the first quarter of this year, seizing the California company's second place spot in a tightening smartphone market dominated by Samsung, a tracker said Tuesday.
This is understandable: iPhone sales dropped 17 percent from a year earlier.
Sales for the wearables division, which includes Apple's smartwatch, AirPods wireless headphones and HomePod smart speaker, grew by 30% to $5.1 billion.
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Apple said iPhone revenues were US$31.05 billion, slightly below analyst estimates of US$31.1 billion, according to data from FactSet.
Cook was speaking after Apple revealed that iPhone sales had fallen 17% in the first quarter, highlighting the company's need to diversify its revenue streams, something that Apple TV+ and other subscription services are created to address.
"What is more important I think is that for segments like wearables and iPad, Apple saw growth from new users", said Carolina Milanesi, an analyst with Creative Strategies, "That means that from an overall services perspective the installed base is not done growing". "[Wearables] is now about the size of a Fortune 200 company, an unbelievable statistic when you consider it's only been four years since we delivered the very first Apple Watch", said Cook. Its report quickly translated into positive sentiments for the company's shares, which spiked up to 6 percent in pre-market trading. Physicians Financial Services Inc.'s holdings in Apple were worth $8,317,000 as of its most recent SEC filing.
So how bad were the results at Apple? While you wait for the iPhone 11 to launch, you can still purchase fast USB-C chargers and cables, including Apple's own accessories, that can speed up charging on last year's iPhones.
Apple still needs to invest in new hardware and technology such as augmented reality as well as autonomous driving. Just look at the numbers from Apple's second-quarter results.
Realising this, Apple has begun reducing the price of newly-launched iPhones in India.
Cook said Apple offered more than "the Blue Book" when people brought in older handsets to trade in.