What's the truth behind Apple's iPhone shipment figures?

Apple earning profits despite of slow iphone shipments

Apple also declared a new $US100 billion stock buyback program, and boosted its dividend to by 73 cents a share.

Apple's iPhone X reportedly sold better than many analysts expected.

The company, flush with a huge cash pile on strong earnings enhanced by the USA tax cut plan of previous year, announced US$100 billion in new share buybacks plus a 16 percent boost to its quarterly dividend. "Across all our services, paid subscriptions surpassed 270 million, up over 100 million from a year ago and up $30 million in the last 90 days alone, contributing to the overall increase in services revenue". But Apple CEO Tim Cook soothed analysts and investors alike by commenting yesterday during Apple's quarterly conference call, that since the launch of the iPhone X in November it has been the top selling iPhone each week. For the April-June quarter, the company forecasts revenues between $51.5 billion and $53.5 billion, compared to analysts prediction of $51.6 billion.

Apple Inc. shares rose $6.26 (+3.70%) in premarket trading Wednesday. That doesn't seem to be true, looking through the figures, and the Apple CEO claims that the iPhone X wasn't just a halo product - it was the most popular iPhone model every week in the March quarter.

Apple has been emphasizing its contributions to the US economy in recent months, outlining a $30 billion USA spending plan and highlighting the tens of billions of dollars it spends each year with US -based suppliers.

Being too reliant on one product has its obvious pitfalls but there are also perhaps "hidden" benefits to generating more sales from the services business.

Navkendar Singh, associate research director in research firm IDC, said, "Apple's commentary signals the importance of India as a market and its efforts to expand its footprint in the country as markets like China have slowed down for them".

Apple reported strong iPhone sales in the first three months of the year, throwing cold water on the most feverish fears gripping some investors, concerned that the tech company's key business line was running out of steam. He said that "because we're making all the right investments all around the company, it makes ideal sense for us not to keep the cash on our balance sheet but return it to investors".

Cheaper iPhone models for emerging markets, and wearable gadgets like the Apple Watch, also drove revenue growth. Several iPhone suppliers and manufacturers reported disappointing results in recent weeks, sparking concern that Apple's numbers would be weak.

Barclays maintained its Equal Weight rating on Apple shares but still raised its target price to $161 from $157.

"Some of these services are for sure going to have much lower margins" than Apple's core hardware business, said Bob O'Donnell of TechAnalysis Research. But an 11 per cent increase in their average price - driven by the US$1,000 iPhone X - helped raise iPhone revenue by 14 per cent.

"India is the third largest smartphone market in the world".

"There's obviously huge opportunities there for us and we have extremely low share in that market overall and so we're putting a lot of energy there", Cook said on Tuesday's call with analysts.

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