Apple Inc. (NASDAQ:AAPL)'s Revenue Grows 16%

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Other Products (covering the AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch) was up 38 percent to $3.9 billion. The lion's share $200 billion came in the form of buybacks program.

The firm notched higher revenues in all regions and across most product categories, although iPhone sales lagged expectations. However, the 32% rise in sales volume did not result in an increase in revenue because actual selling prices of handsets had dropped.

"We also grew revenue in all of our geographic segments, with over 20 per cent growth in Greater China and Japan", said Apple's CEO Tim Cook.

Shares of Apple closed Tuesday up 2.3% at $169.10, and the stock was last seen up more than 4% at $176.44 after about an hour of trading on Wednesday at a level that was more or less in line with the initial after-hours reaction on Tuesday.

"Given our confidence in Apple's future, we are very happy to announce that our board has approved a new $100bn share repurchase authorisation and a 16% increase in our quarterly dividend". Baystate Wealth Management LLC's holdings in Apple were worth $3,474,000 as of its most recent filing with the Securities & Exchange Commission.

Apple CEO Tim Cook recognised the low share that the smartphone maker has in India, a market where it reported record revenue growth in the first six months of its fiscal year and whose expanding middle class and expansion into 4G offers a strong growth opportunity amid slowing global demand for the devices.

Sales of iPhones, which account for almost two-thirds of company revenues, rose during the quarter, although total volume came in at 52.2 million units, a bit below consensus estimates of 53 million. Apple will now spend $14.8 billion a year on dividends, the most of any company, Silverblatt said. By contrast, the company discloses unit sales for iPhone, iPad and Mac computers.

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"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, services and wearables", Cook said in a statement.

That means the iPhone is now responsible for just over 60% of Apple's revenue; slightly lower than the year-ago period which itself was an improvement on the year before.

Investors have also anxious that Apple's influence in China, the company's No 2 market, is waning amid stronger competition from Chinese rivals.

Barclays maintained its Equal Weight rating on Apple shares but still raised its target price to $161 from $157. Up from 100 million subscribers from a year before, and more than 30 million users from the previous quarter. Despite most reports predicting otherwise, the iPhone X was the star of the entire show thanks to its impressive sales run.

For the third quarter, Apple is predicting revenues of between $51.5 billion and $53.5 billion. Apple's shares dipped 5.8 percent over the past month after several reports said the Cupertino, California, company was cutting back on production of the iPhone X because of poor sales.

We've "been seeing Apple shifting from a device company to a services company", said Michael Obuchowski, chief investment officer for Boston-based Apple shareholder Merlin Asset Management.