iPad Slipping, But Apple Still Rocks 1st Quarter Earnings On Growth In China
CUPERTINO (CBS SF) - Apple did the usual and knocked one out of the park in the recent quarter.
The company's profit soared to 13.6-billion, a record for the quarter, while revenue rose 27.1% to $58-billion.
The iPhone is the key, with 61-million sold, better than was expected following the massive holiday quarter for the 6 and 6-Plus, which CEO Tim Cook said during the conference call that 20-percent of Apple's iPhone base has now upgraded to the newer phones.
The iPad continues to regress in a sea of tablets, with sales down 29-percent to $5.4-billion, while Mac revenue was up 2% to $5.6-billion and Services - which comprise Apple Pay, iTunes the App store - was up 9% to $5-billion.
Apple's not having any problems in China, where analysts have been pessimistic about the company's premium pricing. Sales to greater China, which includes Taiwan and Hong Kong, soared 71-percent higher from a year ago, and were responsible for nearly one third of the company's $58-billion in revenue in the quarter.
You would think Apple's stock would soar on those numbers, but that's not the case; it slipped $2 Tuesday. Of course, Apple's shares have soared 60% higher over the past year, so building on that isn't easy.