Apple saved the face of Silicon Valley by recording a much better-than-expected performance while other American IT companies such as Facebook and Twitter delivered lackluster performances.
Apple announced on Tuesday (local time) that it posted revenue of 53.3 billion dollars and net profit of 11.5 billion dollars in the second quarter (Q3 of Apple’s fiscal year 2018). The figures exceed market expectations with a 17 percent increase in revenue and a 40 percent rise in net profit compared to the same period last year.
Although iPhone unit sales fell slightly to 41.3 million from 41.8 million from a year ago, its average sales price (ASP) came in at 724 dollars, much higher than expectations of 699 dollars. The rise in ASP is attributable to Apple’s pricey iPhone X, which starts at 999 dollars. Fueled by the good results, Apple’s stock price soared by 2.85 percent Tuesday at one point during after-hours trading to reach 195.79 dollars.
Strategy Analytics (SA), a global market research firm, said on Wednesday that Huawei (15.8 %) overtook Apple (12.1 %) for the first time to take the second place in global smartphone market share. Samsung Electronics continued to dominate the global smartphone market share, but had a drop of 10.1 percentage point in sales and of 1.7 percentage point in market share, respectively.