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(FILES) In this file photo taken on March 27, 2018, Apple CEO Tim Cook speaks at Lane Tech College Prep High School in Chicago, Illinois. Apple reported a jump in second-quarter earnings on May 1, 2018, and announced a hefty new share buyback plan, although sales of iPhone smartphones narrowly missed expectations. Apple reported a 25.3 percent rise in earnings to 13.8 billion. But iPhone sales for the quarter ending March 31 came in at 52.2 million, a bit below consensus estimates of 53 million. Shares rose 4.1 percent to 176.07 in after-hours trading. / AFP PHOTO
(FILES) In this file photo taken on March 27, 2018, Apple CEO Tim Cook speaks at Lane Tech College Prep High School in Chicago, Illinois. Apple reported a jump in second-quarter earnings on May 1, 2018, and announced a hefty new share buyback plan, although sales of iPhone smartphones narrowly missed expectations. Apple reported a 25.3 percent rise in earnings to 13.8 billion. But iPhone sales for the quarter ending March 31 came in at 52.2 million, a bit below consensus estimates of 53 million. Shares rose 4.1 percent to 176.07 in after-hours trading. / AFP PHOTO

Apple Inc on Tuesday beat revenue and profit expectations in its March quarter as it sold 52.2 million iPhones, barely below Wall Street targets and showing some resilience as global demand for smartphones wanes.

The company also predicted a revenue range of US$51.5 billion (RM202 billion) to US$53.5 billion for the June quarter, with a midpoint ahead of the $51.6 billion Wall Street expected.

Apple has been at a challenging crossroads this year with sales of its flagship iPhone X disappointing many observers. Investors have watched Apple closely in recent weeks as a string of poor forecasts from the smartphone supply chain signaled that iPhone demand may be lower than previously expected. They have also been watching carefully for signs of what Apple plans to do with its hundreds of billions of dollars in cash.

Apple posted revenue for its March quarter of US$61.1 billion, up from US$52.9 billion last year. Wall Street expected US$60.8 billion, according to Thomson Reuters I/B/E/S. The company sold 52.2 million iPhones versus expectations of 52.3 million, according to data from Thomson Reuters I/B/E/S, up from 50.7 million last year.

Maestri told Reuters that the company’s seasonal drawing down of iPhones sitting on store shelves accounted for some of the difference because it was concentrated on higher-end iPhone models this year.

Apple forecasted a midpoint of US$52.5 billion in revenue for the June quarter, beating analyst expectations of US$51.6 billion.

Apple’s services business, which includes Apple Music, the App Store and iCloud, posted US$9.1 billion in revenue compared with expectations of US$8.3 billion. Heading into earnings, investors were hopeful that growth in that segment could help offset the cooling global smartphone market. -

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