Apple tops forecasts as pivot to services shows progress

Apple's iPhone sales fall 17% in first quarter as flagship product struggles

Quarterly revenue of $58 billion and earnings per share of $2.46 both beat expectations.

Sales of the Apple Watch grew 50% compared to the same quarter previous year, Apple CEO Tim Cook said on Apple's Q2 2019 quarterly analyst call Tuesday. The institutional investor owned 52,728 shares of the iPhone maker's stock after buying an additional 5,684 shares during the quarter. And this market cap indicates it once again will became the world's most valuable firm, previously in 2018 when Apple touch trillion dollar valuation.

Sales in China were still down in Apple's most recent quarter, however. The iPad revenues rose 21.6 percent to Dollars 4.9 billion, helped by the recent update of the range, and wearables, home and accessories products increased 30 percent to USD 5.1 billion. The company also predicts other other income/(expense) of $250 million and a tax rate of approximately 16.5 percent.

But Apple is still an iPhone company, with $31 billion in revenue from its flagship product, despite a 17% drop in its handheld business.

"The [Apple Watch business] is now about the size of a Fortune 200 company, an awesome statistic when you consider it's only been four years since we delivered the very first Apple Watch", said Tim Cook, Apple CEO.

"We like the direction we're headed with the iPhone, and our goal now is to pick up the pace", Apple CEO Tim Cook said in a conference call with analysts.

Right around the same time, Apple also is expected to launch a new video streaming service in the mold of Netflix, which has already amassed 149 million subscribers worldwide.

CNBC: Apple stock as of May 1, 2019.

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But the company will have to exercise caution as it builds the services business.

Apple shares have climbed 27 per cent since the beginning of the year, while the Standard & Poor's 500 index has risen 18 per cent.

This is even more impressive when you take into consideration the fall in overall sales. Until then we must see how much Apple's will increase the flagship prices.

In its press release regarding the latest results, Apple chose not to mention iPhone.

The slowdown in the Chinese market is yet another reason for Apple's renewed interest in India.

Mr Tom Plumb, founder of Wisconsin Capital Management and an Apple shareholder, said the results looked good, especially the uptick towards the end of the quarter.

Apple still needs to invest in new hardware and technology such as augmented reality as well as autonomous driving. Cook called Q2 2019 the best quarter ever for App Store, Apple Music, and iCloud, and revealed that AppleCare and Apple Pay set performance records for March quarter revenue.

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