Apple enjoys its fourth straight quarter of revenue growth in Q2 2018

Apple enjoys its fourth straight quarter of revenue growth in Q2 2018

Mac sales were down 13 percent and iPad sales rose, but only just; 11.55 million units were sold compared to 11.42 million units a year ago.

The $999-priced iPhone X is a major contributor towards this "average selling price" increase and it should be noted that this price range is expected to remain the same with the imminent launch of the 2018 iPhone series. Many Americans have at least one piece of Apple tech in their household, and the same can be said for residents of European and Asian countries.

Apple's financial third quarter is traditionally quiet, coming in the slow summer months before the company's hotly anticipated refresh of the iPhone, the device that provides the lion's share of its revenues.

Apple's quarterly results have beaten market expectations - driven by its sales of fewer, but more expensive, iPhones and revenue from services like the App Store, Apple Music and iCloud. In the last quarter, Apple's services made $9.5 billion, making it the second-largest business segment for the firm. The company beat most analysts' predictions for the quarter with a 17-percent increase in revenue year-over-year. Even more impressive was the growth in revenue from services such as Apple Music and iCloud, which grew by 31% compared to the previous year.

Apple is locked in a race with Microsoft, Amazon, and other mega-cap stocks to be the first $1 trillion company. Samsung's performance underscored mounting concerns that Apple, too, would be victimized by a saturated smartphone market.

Apple services include streaming music and video, where Apple faces competition from rivals including Spotify Technology SA and Netflix.

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Luckily, a long-underappreciated Apple division is coming to the fore: Services.

Apple shares have climbed 12 percent since the beginning of the year, while the S&P 500 index is up slightly more than 5 percent. -China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated.

Chief executive Tim Cook has set the services business a target of delivering $14bn (£10.6bn) in revenue every quarter by 2020.

"We are not able to catch up to demand yet and continue to add capacity for the AirPods", Mr Maestri said.

Cook said that Apple products have not so far been directly affected, and that the company is evaluating the latest Trump move now in a public comment phase.

Apple said its gross profit margin will be 38 per cent to 38.5 per cent in the fiscal fourth quarter, versus analysts' estimates of 38.2 per cent.