Apple: Service revenues up; iPhone sales way down

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The gain followed Apple's better-than-expected fiscal second-quarter results.

That leaves it trailing Microsoft in the race to be the world's biggest company by market value, substantially because the number of Apple shares has fallen steadily as it returns billions of its profits to investors by buying back its own stock.

Shares jumped 5.5% in pre-market trading in NY.

Appl's wearables, home and accessories business also saw revenue jump 30 per cent to $5.1bn, fuelled by a 50 per cent jump in sales of the Apple Watch and AirPods. Apple predicts revenue of $52.5 billion to $54.5 billion for the current quarter, in line with last year's $53.3 billion.

Apple offered a "promotional offer" earlier this month to bring down the cost of it's a 76,900 iPhone XR (64GB) by as much as a 23,000. "And we'll obviously do that with this as well", Cook said, responding to an analyst's question during the latest earnings call.

Sales of the iPhone, by far the largest segment, came in slightly better than expected at $31 billion for the quarter, a decline of 17 percent from the same period previous year.

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It's the first time Apple has suffered two consecutive quarterly revenue declines in two-and-half years. "China is a huge market for Apple and even after a slow down, the volume of phones sold there is a lot more than in India". Last year, the division grossed $3.94 billion.

It may have seemed like Apple Inc. retook its trillion-dollar market capitalization Wednesday morning, when the stock rallied on better-than-expected second-quarter results. We'll see you May 6-8 in Denver - communications service providers get in free! Cook described the "singularly exceptional experience" that Apple is trying to achieve with its devices and services.

How Apple TV+ and Apple Arcade will be received is unclear, but Apple's existing services are already bolstering this effort. The company's Q2 financial results show the category racked up some $5.1 billion in revenue.

Describing India as a "challenging market in the short-term", Apple chief executive officer Tim Cook said the company plans to make a foray into the Indian market with "all of our might" through its retail stores and manufacturing capability.

Apple spent a record $24 billion on buybacks during the quarter.

However, Apple's leadership remains optimistic about its efforts in China. During the earnings call, Cook mentioned that Apple's investment in its device trade-in program over the past year has helped grow the program exponentially, thanks to positive customer reactions.

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