IPhone sales weren't the only thing that were up this quarter, the iPad experienced a slight growth, selling 9.1 million units as opposed to 8.9 million sales this time past year.
"Customers chose iPhone X over any other model every week during the March quarter, just as they did in the December quarter", Cook told investors.
Total sales of iPhone models during the January-March period dropped 32 percent to 52.2 million units from 77.3 million units in the October-December period past year. The latest figures were boosted by growth in all of its geographical segments, most notably in China and Japan, which saw growth of 20 percent. Apples $350 smart speaker, HomePod, was a turkey as we predicted and it will take years before it can compete with Sonos speakers or Amazon's Echo.
The reports of the iPhone X's demise may have been a little premature.
Apple is projecting more growth too during Q3 2018.
It makes sense that Apple wants to get into the health care market.
In reaction GBH analyst Daniel Ives maintains his Highly Attractive rating on Apple shares, along with a $200 price target, which implies an 18% premium to today's closing price.
The company cushioned the news with a big giveaway to investors.
Reflecting the approved increase, the Board has declared a cash dividend of $0.73 per share of Apple's common stock payable on May 17, 2018 to shareholders of record as of the close of business on May 14, 2018. However, a growing number of analysts predict Apple could see a year-on-year drop from the same quarter last year, when it reported iPhone sales of 41m. During the fiscal second quarter a year ago, Apple sold 50.8 million iPhones.
According to Luca Maestri, the company's CFO has said that Apple now has greater flexibility from global cash, which they can use to "efficiently invest in [the company's] United States operations and work toward a more optimal capital structure".
The iPhone continues to account for the bulk of Apple's revenues at just over 62 percent of the total.
However, iPhone sales for the quarter ending March 31 came in at 52.2 million, a bit below consensus estimates of 53 million. 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.