“Apple Inc posted a smaller-than-expected 6 percent rise in quarterly revenue on Tuesday, but revenue surged 28 percent in greater China despite stiff competition in its third-largest market,” Christina Farr and Edwin Chan report for Reuters. “It sold 35.2 million iPhones in the June quarter, a rise of about 13 percent that was in line with analysts’ projections, helped by a strong performance in an Asian market considered crucial to Apple’s longer-term growth prospects.”
“Chief Executive Tim Cook told analysts on a conference call that Apple’s Chinese performance was ‘honestly surprising,'” Farr and Chan report. “Unit iPhone sales jumped about 48 percent and Mac computer sales rose 39 percent in the June quarter, Chief Financial Officer Luca Maestri said in an interview. Lower-cost phones sold there by up-and-coming rivals such as Xiaomi appeared to be grabbing market share mainly from other companies that rely on Google’s Android software, he added.”
“Sales of iPads, which like smartphones are coming under growing pressure from Android rivals, at 13.3 million fell a little short of analysts’ projections for more than 14 million,” Farr and Chan report. “Net income jumped 12.2 percent to $7.75 billion, or $1.28 per share. That beat expectations for $1.23 and was its best quarterly growth in EPS in seven quarters.”
Read more in the full article here.
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I wonder if anyone has started to add to Apple’s bottom line the interest earned on $165 billion when interest rates start to rise and maybe even double in the next year or two. And Apple will be able to be the financing bank for the suppliers when they are unable to secure loans required to make the parts Apple needs. Can the other device manufacturers do that and earn money at the same time? Cash may be the market share growth factor soon!
I wonder what Apple’s “debt collection agents” will look like when someone like Samsung borrows money from them and doesn’t make their payments? 🙂