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Cook sniffs local scope for Apple

Cook sniffs local scope for Apple

"Our business performed extremely well during the March quarter, as we grew earnings per share by 30 per cent and generated over $15 billion in operating cash flow", said Maestri. And even though much of the opportunity for further growth in the smartphone market is at the low end in emerging markets, don't expect Apple to go down in price much, Morgan Stanley analyst Katy Huberty said.

Though Apple exceeded analysts' expectations in India, investors are concerned over its slowing growth in major markets such as the USA and China.

Apple (AAPL) shares this afternoon are up $6.30, or nearly 4%, at $175.40, in late trading, as the company's fiscal Q2 earnings beat, and its forecast was also better for this quarter's revenue.

Compared to the same period last year, this year's sales figure is higher.

Still, the iPhone remains Apple's most critical product, making up almost 70 percent of its total revenue - which is why any hint that Apple smartphone sales are weakening prompts panic among investors.

During an analyst call on Tuesday, Apple CEO Tim Cook acknowledged the company's low marketshare in India, which stood around 2-3 per cent of overall mobile sales in India.

WARNING: "Apple (AAPL) Expected to Announce Quarterly Sales of $61.33 Billion" was reported by The Lincolnian Online and is owned by of The Lincolnian Online. Shares remained strong in pre-market trading yesterday and were up 3pc at 4.42am in NY.

iPhone sales in this quarter hit 52.2 million units or $37.9 billion with the iPhone X model the most popular.

Apple also markets related accessories, software, networking solutions, services, and third-party applications and digital content.

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Apple previously promised to hire 20,000 more workers during the next five years, including some at a planned new campus in a still-to-be-identified US city outside California.

"With our belief Apple will launch an iPhone X plus type combined with new improved features for the current sized iPhone X product, we believe Apple's iPhone franchise will extend strong sales of higher-priced iPhones through C2019", Walkley said.

Apple had a record sale of 52.2 million iPhone, although according to FactSet a firm which performs market research the sales is slightly below what has been estimated. The shares were sold at an average price of $166.42, for a total transaction of $11,564,692.22.

Today's post-earnings pop has Apple shares bouncing off familiar support in the $164-$165 region, which served as a floor in November and March, and represents a 10% pullback from the stock's mid-March record high of $183.50.

APPLE CHIEF EXECUTIVE TIM COOK, on the iPhone X. But it's a Super Bowl victor and that's how we feel about it.

Despite the gloomy prospects, Apple pulled a rabbit out of its hat and delivered solid Q2 earnings, including iPhone sales that are up and big gains in revenue for its Services and Other Products divisions. Jarislowsky Fraser Ltd increased its stake in shares of Apple by 22.4% during the third quarter.

"I don't buy the view that the market's saturated", Cook said.

He also downplayed talk that the smartphone market lacks significant room for growth, saying tremendous upside still exists in key markets in India and more broadly among the large population that still has not bought the gadget.