The company sold 52.2m iPhones in the three months to March
Apple Inc has reported solid iPhone sales in the face of waning global demand and promised $100bn in additional stock buybacks.
In its latest quarterly report, Apple announced it had sold 52.2m iPhones in the quarter ending 31 March, at an average price of $728.54. Sales were up 3 per cent compared to last year and slightly lower than analysts had expected. The revenues were over $61bn— up from $52.9bn last year.
“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, services and wearables,” said Tim Cook, Apple’s chief executive officer. “We are very bullish on Apple’s future,” Cook further told analysts.
The cash Apple earmarked for stock buybacks is about twice the $50bn market capitalization of Tesla Inc.