Apple iPhone sales trample expectations as profit sets global record

admin   •   January 28, 2015   •   2279


An iPhone 6 phone is seen on display at the Fifth Avenue Apple store on the first day of sales in Manhattan, New York September 19, 2014.
CREDIT: REUTERS/ADREES LATIF

(Reuters) – Apple Inc (AAPL.O) quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70 percent rise in China sales, powering the company to the largest profit in corporate history.

The company sold 74.5 million iPhones in its fiscal first quarter ended Dec. 27, while many analysts had expected fewer than 70 million. Revenue rose to $74.6 billion from $57.6 billion a year earlier.

Profit of $18 billion was the biggest ever reported by a public company, worldwide, according to S&P analyst Howard Silverblatt. Apple’s cash pile is now $178 billion, enough to buy IBM (IBM.N) or the equivalent to $556 for every American.

Apple Chief Executive Officer Tim Cook said the Cupertino, California-based company would release its next product, the Apple Watch, in April.

Shares rose about 5 percent to $114.90 in after-hours trade.

Daniel Morgan, senior portfolio manager at Apple-shareholder Synovus Trust Company in Atlanta, Georgia, said that the report was a good sign in a quarter where big tech companies such as IBM and Microsoft Corp (MSFT.O) have disappointed.

Apple Chief Financial Officer Luca Maestri told Reuters in an interview that the company did not sell more iPhones in China than the United States, despite some earlier predictions by research analysts.

But the big-screen iPhone 6 and 6 plus drove revenues in China were up 70 percent in the quarter from a year earlier. The company’s success in the competitive Chinese market can be attributed to its partnership with China Mobile Ltd (0941.HK), the largest global mobile carrier, and the appeal of the larger screen size of the iPhone 6 and 6 Plus.

Maestri said he does not expect Apple to struggle because of China’s slipping economic growth. “We haven’t seen a slowdown,” he added.

Maestri also said the company doubled iPhone sales in Singapore and Brazil.

Apple will reach 40 company stores in greater China by mid-2016, Maestri told analysts on a conference call.

Carolina Milanesi, an analyst with Kantar Worldpanel ComTech, also lauded a 14 percent rise in unit sales of Apple Macintosh computers and sales of older iPhone models.

Apple was well positioned for the current quarter in China, she added, which will include the Chinese New Year holiday and reflect Apple’s attempts to sell through new channels.

Apple reported net profit of $18.02 billion, or $3.06 per diluted share, compared with $13.07 billion, or $2.07 per share, a year earlier. That topped expectations of $2.60 per share, according to Thomson Reuters I/B/E/S. Analysts had expected revenue of $67.69 billion.

Maestri said that Apple faced “a clear headwind” from the strong dollar but that it had included the challenge in its forecasts. Apple predicted revenue of $52 billion to $55 billion in its fiscal second quarter, compared with Wall Street’s average target of $53.79 billion.

Cook said that the company’s new mobile payment service, Apple Pay, which lets customer buy products from select merchants with their phones, was in its “first inning” and the company would consider adding new features as it looked at expanding outside the United States.

(Reporting by Christina Farr in San Francisco; Additional reporting by Supantha Mukherjee in Bengaluru and Caroline Valetkevitch in New York; Editing by Peter Henderson, Ted Kerr and Lisa Shumaker)

Duterte to insist arbitral ruling to China: ‘Whether you like it or not’

Marje Pelayo   •   August 22, 2019

(L-R) President Rodrigo Duterte, Pag-asa Island and Chinese President Xi Jinping

MANILA, Philippines — President Rodrigo Duterte maintained that he will raise the arbitral ruling that favors the Philippines in the disputed territories in the West Philippine Sea when he visits China next week.

Duterte is scheduled to fly to China for a working visit from August 28 to September 3.

He will meet Chinese president Xi Jinping and talk about the Hague ruling, the code of conduct, as well as the proposed joint oil exploration in the West Philippine Sea.

“So whether you like it or not, would it make you happy or not, angry or otherwise. Sorry, but we have to talk the arbitral ruling, then what we get, if there is a start of the exploration and extraction of whatever there is in the bowels of the earth,” the President said during the inauguration of the 7.5 megawatt peak solar power project in the municipality of Odiongan, Tablas Island in Romblon on Wednesday (August 21).

“The proposal of 60-40 in our favor, would be a good start. I hope it would graduate to something like towards how do we solve the arbitral ruling peacefully,” he added.

The event was the President’s first public engagement after being out of the public eye for more than a week. – MNP (with details from Rosalie Coz)

Duterte to decide on banning online gambling in PH amid China’s call – Palace

Marje Pelayo   •   August 22, 2019

MANILA, Philippines – Presidential Spokesperson Salvador Panelo on Wednesday (August 21) said it is up to President Rodrigo Duterte to decide on the operations of online gambling in the country.

“We have to ask the President on this policy or issue,” Panelo told reporters.

“Hindi natin alam kung may possibility or wala. We have to ask the President,” he added.

On Tuesday (August 20), Chinese Foreign Ministry spokesperson Geng Shuang has called on the Philippine government to ban all forms of online gambling.

“We have also taken note of the Philippine government’s announcement and appreciate it,” he said in a press conference in Beijing.

“We hope the Philippines will go further and ban all online gambling,” he added.

Defense officials expressed concern over proximity of Philippine Offshore Gaming Operations (POGO) near military camps arguing the possibility of Chinese workers becoming spies for Beijing.

The Philippine Amusement and Gaming Corp. (PAGCOR), meanwhile, has already stopped accepting applications for POGO licenses in the country unless underlying issues are settled.

But Panelo noted that online gambling remains legal under Philippine law.

China detains employee of British consulate in Hong Kong

Robie de Guzman   •   August 21, 2019

Chinese foreign ministry spokesperson, Geng Shuang confirming detention of Chinese national working at Britain’s Hong Kong consulate, Simon Cheng | Courtesy: Reuters

A Chinese national working at Britain’s Hong Kong consulate has been detained in China’s border city of Shenzhen for violating the law, the Chinese foreign ministry said on Wednesday (August 21), likely worsening already strained ties between Beijing and London.

Simon Cheng did not return to work on Aug. 9 after visiting the neighbouring mainland city of Shenzhen the previous day, Hong Kong news website HK01 reported.

Cheng’s family confirmed his disappearance in a Facebook post on Tuesday (August 20) night, saying he travelled from Hong Kong to Shenzhen on the morning of Aug. 8 for a business trip.

Speaking at a daily news briefing in Beijing, Chinese foreign ministry spokesman Geng Shuang said Cheng had been detained for 15 days by Shenzhen police for violating public security management regulations, though he gave no details.

“He is not a UK citizen. In other words that means he’s Chinese, so it’s entirely an internal matter for China,” Geng said.

“We’ve made stern representations to Britain for the series of comments and actions they’ve made on Hong Kong,” he added.

Britain has said it is “extremely concerned” by reports that the staff member at the consulate in its former colony had been detained.

Hong Kong has been gripped by anti-government protests in recent weeks, with Beijing accusing Britain and other Western countries of meddling in its affairs. (Reuters)

(Production: Martin Pollard)

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