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Apple misses on iPhone sales in Q2

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Apple CEO Tim Cook on stage to reveal the iPhone 7

Apple, the world's most valuable tech company, had a pretty average second fiscal quarter. The company has a market cap of $719.62 billion, a PE ratio of 16.47 and a beta of 1.26.

But perhaps more importantly, this quarter's revenue from services was $7.04B, which represents 18% growth year-over-year for the category, the same YOY growth percentage seen last quarter.

In its fiscal first quarter, which ended in late December, the company reported the highest number of iPhones ever sold: 78.3 million. "We could do more, more quickly", Luca Maestri, Apple's finance chief, said during a Goldman Sachs investor conference in February.

Apple's board of directors has approved an increase of $50bn to Apple's return of capital to shareholders and is extending the programme by four quarters. Apple Inc. (AAPL) expects sales to be between $43.5 billion and $45.5 billion and its gross margin to be between 37.5% and 38.5%. That could include a 10 per cent increase in its dividend and an extra $40 billion in share repurchasing.

Starting local assembly will help the company price its products more aggressively, with experts predicting that the price of an iPhone SE could go down by up to 10-12 per cent, should Apple make it in India. For the record, Wall Street is looking for a slight rebound when Apple Inc.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, January 31st. Another challenge is rising component costs, such as the increased price of flash memory. A note to investors from an analyst at Cowen and Company last week said Apple's biggest concern amongst iPhone 8 latest features was embedding the Touch ID into the display. This news has come true as Apple has now confirmed to open an official online store here in the country. CT Mason boosted its position in Apple by 7.1% in the first quarter.

Apple has topped analyst expectations on earnings, but said it had disappointed on sales with a surprise fall in iPhone sales, down to 50.8m compared to 51.19m from the same period the year before. Sales of the phones are key to Apple's business as they account for roughly two-thirds of the company's revenues. This represented 5% year-over-year growth-the first quarter of iPhone sales growth after three consecutive quarterly declines. However, AirPod sales have been limited by supply shortages; customers ordering a pair today in the United States can expect to wait several weeks for a delivery.

Apple's cash hoard now stands at more than $250bn, which is more than the GDP of Greece ($194bn - and going down).

The iPhone model reported to be manufactured and sold online at the time is iPhone SE. The company sold 50.7 million iPhones, 8.92 million iPads, and 4.19 million Macs. Sales of iPad tablets and Mac computers were in-line with views at 8.9 million and 4.2 million units, respectively. Overall, Apple's Q2 looks like it was decent to pretty good.

98% customer satisfaction for AirPods and demand exceeds supply.

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