Apple rises on earnings, revenue beat despite iPhone, China concerns

Tim Cook CEO of Apple

Apple Q1 2019 Results – $84.3 Billion Revenue, The First Holiday Quarter Decline Since the iPhone's Introduction

Speaking in an interview with Reuters, Apple CEO Tim Cook has stated the company is re-evaluating its us dollar pricing in markets outside the United States, in an effort to boost sales. "I'm optimistic that the two countries will be able to work things out". Services gross margin hit 63 percent.

However, Apple counts both subscribers to its own services as well as Apple device users who subscribe to outside apps or services using Apple's payment systems.

The headline is that iPhone revenue declined by 15%, but Cook, in today's earnings call, stressed that other products and services grew 19% year-over-year.

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"Eighty percent of Apple's problem is pricing hubris and a lack of innovation", Ives said.

Of course, not being able to source tiny screws might not be enough to derail that expansion, but the Times' sources suggested it was part of a broader issue Apple faces in moving manufacturing from China.

"When you look at foreign currencies and then particularly those markets that weakened over the past year those (iPhone price) increases were obviously more", Cook told Reuters.

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He said Apple is rethinking how it prices the iPhone outside the United States after largely setting the price in USA dollars, which made the phones more expensive in local currencies.

Apple said it expects revenue between $US55 billion and $US59 billion for the current quarter ending in March, largely below analysts' average estimate of $US58.83 billion, according to IBES data from Refinitiv. Quarterly revenue fell 5 percent to $84.3 billion, slightly above an expected $83.97 billion.

Apple CEO Tim Cook and CFO Luca Maestri are set to get on the phone with investors at 2 p.m. Altogether, Apple reported net income of $19.97 billion for the quarter compared to $20.01 billion in the same period a year earlier. But he also pointed to shifts in foreign exchange values that made Apple products more expensive in certain markets.

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Those fears intensified after the firm said it would stop reporting the number of iPhones, iPads and Macs it sold each quarter. "Our net cash balance was $130 billion at the end of the quarter, and we continue to target a net cash neutral position over time".

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