Apple Earnings as Expected

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The company's last regulatory filing in January showed there were more than 4.715 billion shares outstanding at the end of December and a formal quarterly filing expected later on Wednesday should give an even lower number.

"While China (down 21.5 per cent) continues to be soft, it appears Apple saw strength in the last few weeks of the quarter across the board on a rebound in iPhone demand and thus are giving Cook and Cupertino confidence to guide June ahead of Street expectations".

As TechCrunch noted, the maths works out to Apple posting 16.1 per cent of its Q2 2018 revenue from the services category, but almost 20 per cent in the Q2 2019-an affirmation that the company really is slowly but surely pivoting away from its historic reliance on the iPhone line. Earnings per share declined 10% year over year to $2.47, beating a consensus estimate for $2.36. Following the completion of the transaction, the insider now owns 27,448 shares of the company's stock, valued at $5,396,551.28.

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A large part of the category's success appears to be down to the newly updated Apple AirPods (2019), which Tim Cook jokingly described as "a cultural phenomenon", saying that "demand has been incredible".

The company's stock rose almost 6 percent in early trading.

Until recently, Apple could count on people eagerly lining up to buy its latest iPhone models at ever loftier prices. Apple accounts for approximately 6.0% of Physicians Financial Services Inc.'s holdings, making the stock its biggest holding. Many consumers aren't seeing enough compelling new features to persuade them to scrap their old devices for a new one.

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The figures give Apple an 11.7% smartphone market share in the first quarter of 2019, down from its 15.7% market share in the same period previous year. "Apple has the world's most valuable user base of premium smartphones, tablets and smartwatches". Cook said that the trade relationship between the US and China had improved as well.

Services, which includes the App Store and Apple Music, proved the star of the firm's Q2 financials, hitting an all-time high of $11.5bn in revenue. "Apple remains the iPhone company", Chatham Road Partners analyst Colin Gillis reminded investors in a research note.

There are still outstanding questions on the newly-introduced services, and some analysts are asking for more details.

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Of course, the iPhone is still the primary vehicle for accessing Apple's services, so it's not like the company can simply shrug its shoulders at the continued slump. It's now is aiming to sign up tens of millions more to the video service, as well as others for video games and news.