Apple results beat sets eyes back on $1-trillion

Apple shares soar despite 17% drop in iPhone revenue

Sales from iPhones are still on the downslide, however. That projection pleased analysts who were expecting $51.93bn.

The headline on Apple's second-quarter financial report came as no surprise to anyone familiar with the company's new rhetoric. Apple's stock gained almost 5% to $210.50 in after-hours trading.

"Services are not a distraction, they are a natural extension of the integrated hardware/software ecosystem Apple has built and are driving real enterprise value".

Describing India as a "challenging market in the short-term", Apple CEO Tim Cook said the company plans to make a foray into the Indian market with "all of our might" through its retail stores and manufacturing capability.

The Wearables, Home, and Accessories category, which includes the newly updated Apple AirPods (2019), Apple HomePod, and Apple Watch, has performed exceedingly well in spite of dwindling iPhone revenue.

Apple a few moments ago issued its earnings report for the March quarter and posted revenue of $58 billion, a quarterly profit of almost $11.6 billion, and EPS of $2.46. That said, its services division hit an all-time high of $11.5 billion in revenue.

Apple has been focusing more on services recently and is certainly aware of their potential as the next big growth opportunity.

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Apple has raised its dividend and started a new share buyback programme after reporting another quarter of falling earnings.

Apple somewhat delivered on those fronts, but overall, its Q2 2019 earnings report is a mixed bag.

Apple on Tuesday said it has 390 million total subscribers to both its own and third-party services on its devices.

Revenue for the three months ended in March fell 5 percent from the same time previous year to $58 billion, the company said in its earnings report Tuesday. The company has set a goal of 500 million by 2020. Cook specifically calls out the company's "strongest iPad growth in six years".

Apple also beat analyst expectations for its wearable business, bringing in sales of $5.1 billion compared with estimates of $4.8 billion.

Discussing the challenges the company faces, Counterpoint said "It is increasingly hard for Apple to grow ASP's and China remains a declining market for the company. We also saw a similar result in China", Cook told Reuters in an interview. Meanwhile, iPad revenue jumped by more than 20% year-over-year.

It introduced Apple News+ for magazines and newspapers and will launch a new streaming video platform later this year taking on Netflix. Even with Apple continuing to give back money to its shareholders, it said it ended the quarter with a net cash balance of $113 billion. "We feel good about the resolution".

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