Indian market is not saturated: Apple CEO Tim Cook

Apple logo. Reuters

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Apple has also approved a $100 billion share buyback program and a 16% increase in quarterly dividends.

The quarterly outcomes of Apple exceeded forecasts by Wall Street that dropped due to the report on increasing concern over the handset.

The amount Apple spent buying its shares in those three months exceeded the stock market value of most companies in the S&P 500 index. Celebrated Apple analyst Ming-Chi Kuo shocked many in January by saying that the company would cease production of the tenth anniversary model by the middle of this year.

Apple (AAPL) shares this afternoon are up $6.30, or nearly 4%, at $175.40, in late trading, as the company's fiscal Q2 earnings beat, and its forecast was also better for this quarter's revenue.

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Comprised of everything from sales of videos to Apple Music subscriptions and iCloud online storage space, the unit has more room for growth, Steven Pelayo at HSBC Global Research noted. That brings the overall segment to the size of a Fortune 300 company, Cook said, which is crucial for Apple as it looks to build out its ecosystem and further tie together its devices and services. Capital Insight Partners LLC now owns 6,292 shares of the iPhone maker's stock valued at $1,065,000 after purchasing an additional 293 shares in the last quarter.

Apple also gave better projections for the third quarter than expected, giving investors more confidence in the company's long-term health at a time when its top smartphone rival, Samsung, said it expects demand for its high-end phones to soften. Other Products (covering the AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch) was up 38 percent to $3.9 billion. Citing Barclays analyst Blayne Curtis and others, Apple Insider mentions that there might not be an adapter bundled with any of the 2018 iPhones.

Apple previously promised to hire 20,000 more workers during the next five years, including some at a planned new campus in a still-to-be-identified USA city outside California. "This is the first cycle we've ever had where the top-of-the-line iPhone model is the most popular", he said.

One piece of data that doesn't seem to jive with Cook's comments about the premium priced iPhone X, is the Average Selling Price of iPhone units sold during the fiscal second quarter.

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"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables", said Tim Cook, Apple's CEO.

The company also doubled the number of users and saw triple the transactions on its Apple Pay mobile payments service, Cook said, though no specific numbers were given.

"According to our estimates, iPhone X's production volume fell by 50% in the first quarter compared to the fourth quarter", Huang said.

"We'd rather have companies invest within themselves and grow the business", Bruce McCain, chief investment strategist at Key Private Bank, said last week.

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Wall Street's belief that Apple will pass along most of its cash to shareholders has helped bolster its stock, even though its latest iPhones haven't spurred as much sales growth as most investors hoped. Citigroup reiterated a "focus list" rating and issued a $142.20 price target (up from $100.00) on shares of Apple in a research report on Wednesday.

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