Apple (AAPL) Shares Gap Up on Analyst Upgrade

06 May, 2018, 00:07 | Author: Harriet Bell
  • Apple Reports Second Quarter Results

While Apple doesn't break out specific sales numbers for iPhone models in its official earnings reports, we do know that the tech giant's smartphone sold 52.2 million iPhones in Q2 2018. The previous-generation iPhone 7 shipped a respectable 5.6 million units for fourth place.

The iPhone maker is raising its quarterly dividend by 16 percent to 73 cents per share, matching the largest increase since Apple restored the payment under shareholder pressure six years ago.

Apple has shipped nearly 50 million iPhone X units worldwide since commercial launch in November 2017. According to the latest data from Strategy Analytics, the iPhone X was the best-selling smartphone model on the planet in Q1 2018, shipping 16 million units all around the world. Apparently, Apple is planning to launch a "phablet" style cell phone that would have design elements of the iPhone X and would be called iPhone X Plus. The phone is powered by the A11 Bionic chip, which is also on the iPhone 8 series. Crossvault Capital Management LLC lifted its stake in Apple by 0.5% in the third quarter. But it's important to keep in mind that not only does the iPhone X exist, at a base price higher than any Apple's ever asked, but the iPhone 8 and 8 Plus released last fall also cost more than the iPhone 7 and 7 Plus did the year before.

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The iPhone X shipments in Q1 2018 comprises nearly 5 percent of the total smartphone shipments in this quarter. But Apple said that the iPhone X remained the top selling iPhone in its product line for every single week of the March quarter, and while sales were up slightly, revenue was up quite a bit. The company also increased its quarterly dividend 16 per cent, compared with a 10.5 per cent increase past year. The new iPhone X is the first to feature a curved OLED display, biometric technology such as the Face ID and optically stabilized dual cameras. Samsung's new flagships, Galaxy S9 and S9 Plus, only started shipping toward the end of the first quarter, but shipments are already off to a very good start. Heading into earnings, investors were hopeful that growth in that segment could help offset the cooling global smartphone market. The company dominates the budget smartphone market with a wide range of high-specced value-for-money phones under its Redmi-series. Xiaomi marketed the device as "The smartphone for everyone" which seems to have been accurate seeing that they sold over 5.4 million units.

The company exceeded analyst expectations in per-share earnings and revenues, lifting shares in after-hours trading. It gained 2 percent market share worldwide in the quarter, and the firm noted that Xiaomi has become "wildly popular" across India and China.

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