In a conference call after the results were revealed, Apple CEO Tim Cook claimed that 30% of all iPhone purchases in the quarter were a result of users switching from Google Android. The number is also higher than the $1.42 earnings a year ago. The iPhone 7 will need to be shatterproof under most conditions, and waterproof enough to match the best diving watches.
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The company has sold over 48 million iPhone units for the period, which it stated were “record sales for Q4”, though this data did fell short of analysts’ projections.
Net sales rose about 22 percent to US$51.50 billion. Global sales accounted for 62 percent of the quarter’s revenue.
Cook cautioned that he doesn’t think Apple can withstand major economic shocks in China, but he said right now, “You really can’t tell the difference, if you look at our daily and weekly numbers”.
Boosted by a new pink or “rose gold” color option, Apple posted record sales of its latest iPhones in the first weekend that they hit stores in late September. The company sold 9.9 million iPads in the last quarter, down 20 percent from 12.3 million a year earlier. The growth was led by a doubling of sales in the Greater China region, to Dollars 12.5 billion. This year, bullish analysts are forecasting 76 million iPhones will be sold during the December quarter. A Financial Review report also points out that China is Apple’s fastest growing market.
Apple’s aggregate cash supply is now at a whopping $205 billion – up over $2 billion.
Shares of Apple rose slightly after hours.
Apple reported their quarterly earnings today, with all metrics basically in-line. Analysts had been expecting revenue of just over $77 billion, according to Thomson Reuters I/B/E/S. The cocaine nose jobs of Wall Street have been consulting their tarot cards and are predicting a huge fall in the price of Apple shares.
Cook says the iPhone grew 87% year-over-year and was the top-selling phone in China.
“The enterprise business is not to be underestimated”, Cook said. That’s up 28 percent from the year prior. He added two more music notes: Apple Music will be added to Apple TV this week and mentioned its launch in China.
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However, Apple continued its longstanding trend of disappointing tablet sales.
