Huawei's insane growth in China should have Samsung and Apple anxious

Apple stock is spiking after a decisive earnings beat

"Services Revenue Reaches New All-Time High of $11.5 Billion", the company, once more famous for making iPhones, trumpeted on Tuesday night. "But I think the growth potential is phenomenal", Cook noted.

Apple Inc shares rose more than 6 percent on Wednesday, pushing the iPhone maker's market valuation back towards $1 trillion as its quarterly report and upbeat forecast calmed investors anxious about slowing growth.

Apple, Samsung, and Xiaomi all saw their smartphone shipment volumes decline during the quarter, but Apple posted the largest drop. iPhone shipments fell 23.2 percent to 40.2 million units, Canalys said. "The Street is slowly in the process of re-rating the name on this premise despite a maturing iPhone cycle", said Ives, who has an "outperform" recommendation on the stock.

The Cupertino-based tech giant reported Q2 results above market expectations but the key iPhone revenue fell 17 percent. "It has potentially a billion people it can sell services to". That translated into $2.46 per share, down 10% from a year ago, but above the $2.36 per share forecast among analysts surveyed by FactSet. Because as many found out the hard way, Apple still ships the iPhone with the old-school 5W adapter and the same Lightning to USB-A cable that offers painfully slow charging speeds.

Analyst Louis Miscioscia of Daiwa Capital Markets 1 asked Cook about what services he expected to be the most successful in the short term and long term, the CEO expertly deflected that one.

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"There's a huge move from the cable bundle to over-the-top", Cook said.

Apple is also expected to launch three new iPhones this year, which will be the successors to existing models. This is why Apple keeps talking about them and had a whole event about them. $11.5 billion dollars in one quarter.

Apple's 2019 Worldwide Developers Conference is also slated for June, when it will have the opportunity to try and get consumers re-invested in iPhones, possible reinvigorate its Mac lineup, and further promote its wearables and accessories businesses. Consistent growth for years. With the smartphone market maturing and successive product upgrades becoming progressively less-than-revolutionary, Apple has been steadily looking to offset shrinking revenues with a pivot to software-oriented services like the App Store, iCloud, Apple Pay, and Apple Music.

Pathak pointed out that the push in the services business will depend on the device base.

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