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Apple Q2 results: Tim Cook on expectations in India and China, Apple Watch sales

Apple's second quarter results are out, and here's a look at the top comments from Apple CEO Tim Cook

By: Tech Desk | New Delhi |
Updated: May 3, 2017 12:15:52 pm
Apple, Apple Q2 results, Apple iPhone sales, Apple Watch sales, Apple Tim Cook, Tim Cook India comments, Tim Cook India, Apple India, Apple India growth Apple Q2 results are out: Apple CEO Tim Cook’s top comments from the investors earnings call. (Source: Bloomberg)

Apple’s second quarter results for 2017 are out, and the company posted a quarterly revenue of $52.9 billion, but sales of iPhone saw a dip. Apple has also boosted its capital return program by $50 billion, but the company’s shared were down after the results were posted.

For Apple, the iPhone 8 is expected to be the next big driver of sales, although reports have claimed that the launch of the new iPhone could be delayed. Apple sold 50.7 million iPhones in the second quarter of 2017, which is lower than the 51.1 million it sold in the same quarter last year. Apple’s iPad sales were also down on an yearly basis, and stood at 8.9 million, despite a new upgrade to the iPad being introduced this year.

Apple’s Mac business saw a slight increase in yearly sales to 4.1 millions Macs. Revenue from Apple’s services business stood at 7.04 billion, which is slightly lower compared to last quarter’s 7.1 billion. However on an yearly basis, Apple’s revenue from services has grown by 18 per cent; last year Apple’s revenue from services stood at 5.9 billion for the same quarter.

Here’s a look at the top comments that Apple CEO Tim Cook made in the investors earnings call:

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Investment in India Apple has been increasing its investments in India. Apple is reported to start manufacturing in India, and talks of the Apple Store coming up here have been going on for some time.

According to Apple CEO Tim Cook, March was a record quarter in India for the company, and they saw double digits growth. He also said the improving 4G network, “younger, tech-savvy population” and the growing economy meant this is a market they are optimistic about.

“We continue to strengthen our local presence across the entire ecosystem, and we’re very optimistic about our future in this remarkable country,” said Cook in the investor earnings call. But he also admitted Apple was “underpenetrated” in the country, though he added that with 4G network coming up in India, the market was growing much faster.

Read: High-end iPhone pushes prices up for Apple, even as sales slow

Apple Watch: Now Apple Watch is one of the most important new products that was launch in the post-Steve Jobs era at the company, but we’ve never seen Apple give out actual volume numbers for these. This continues for now as well, but Tim Cook said the sales for Apple Watch have “nearly doubled year over year.”

He added this is the “best-selling and most loved smartwatch in the world.” Apple introduced the Apple Watch Series 2 with the iPhone 7 last year. Apple is still the leader when it comes to smartwatches, and while the wearable market hasn’t grown according to expectations, Cupertino is the player that’s driving this market entirely for now.

Also Read: Apple’s Tim Cook: India a huge opportunity, we’re putting in a lot of energy here

AirPods: Apple CEO Tim Cook revealed that AirPods have a “98% customer satisfaction rating based on a recent Creative Strategy survey.” He also said the demand for the product is outdoing the supply. He pointed out that if the revenue for AirPods, Beats headphones and Apple Watch is combined, then it is “the size of a Fortune 500 company.” However, the Apple CEO has not given any number for the AirPods sales.

China: For Apple, China is an important market, where the company has lost market share to homegrown players like Huawei, OPPO and vivo. However, Tim Cook said Apple said they saw “double-digit revenue growth” from Mac, Services in Greater China. Apple saw store revenue up 27 per cent from last year in Mainland China.

Read: Apple posts surprise dip in iPhone sales, shares fall

However, overall all the first half revenue was down 13 per cent on an yearly basis, but Tim Cook says they are enthusiastic and optimistic about China.

Macs: In the past we’ve seen reports of how Apple is facing criticism because the Mac line is being ignored. However, Apple saw its Mac revenue rise by 14 per cent. Tim Cook said, “We’re investing aggressively in its future, and we are very excited about the innovation we can bring to the platform.”

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