Apple Inc. (NASDAQ: AAPL) on Tuesday reported fiscial 2018 second quarter revenue and earnings beat analysts’ estimate. The company also provided better-than-expected outlook for the current quarter, calming the concern about weak demand of iPhone X.
The iPhone maker said revenue rose 16 percent to $61.1 billion in the quarter ended March 31, 2018. Quarter earnings per share jumped 30 percent to $2.73.
Analysts polled by Thomson Reuters had estimated earnings per share of $2.67 on revenue of $0.82 billion.
However, the company sold 52.2 million iPhones in the fiscal second quarter, less than analysts’ projection of 52.3 million. The average selling price of an iPhone was $728, also below analysts’ estimate of $742.
Apple said it saw 20 percent growth in Greater China and Japan. In the recent years, the company has been facing fierce competition in China, where local smartphone makers such as Huawei and Xiaomi continued to gain market shares.
“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. “Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter. We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan.”
Apple expects revenue to between $51.5 billion and $53.5 billion in the fiscal 2018 third quarter, compared with analysts’ estimate of 51.61 billion.
The company also announced a $100 billion share buyback program and increased dividends 16 percent to 73 cents per share.