iPhone X Gains Market Share and Continue To See Strong Demand

The recent financial results of Apple has shown that Apple iPhone X is doing an outstanding business in the market. It was being speculated that the 1000 dollar price which is approximately Rs. 66,700, of the new iPhone will result in a decline of sales of iPhone. But the report shows that defying all the speculations iPhone X collected a record revenue in the second quarter.

The report suggested that the sales of iPhone have increased by three percent as compared to the what Apple collected during the same time last year. This came as a surprise as there have been reports on the decline in shares of Apple in past few months. Many have cut down on the production of apple owing to decrease in its sales.

But all this has not affected the revenue collection of Apple which according to the report has hiked up by fourteen percent. The revenue that Apple collected this season is thirty-eight billion dollars, proving iPhone X both profitable and popular among the people.

The chief executive of Apple Tim Cook said that iPhone X is Apple’s best selling product.

Apple had a record sale of 52.2 million iPhone, although according to FactSet a firm which performs market research the sales is slightly below what has been estimated. The company had a record profit this year and defying all rumours company registered a profit of 61.1 billion dollars.

This has reinforced the belief of investors in the company’s well being and health especially when it being believed that people interest in high-end phones is decreasing.

Apple shares saw a hike of four percent in after-hours trading on Tuesday. Motley Fool senior analyst Jeff Fischer said that Apple is going to stay for a very long time and nothing is going to affect the sales of iPhone in coming future.

Another reason for Apple to rejoice is steep growth in the business of company’s services like iTunes, Apple Music and App store. All these units are doing a tremendous business and its craze growing with every passing day. The service business saw an increase of thirty-one percent from the same time last year.

Other products that the company offers like Apple watch, Earphones and Homepad also saw an increase in its sales by thirty-eight percent.

But the iPhone still is the best and the most popular product of Apple and it contributes nearly seventy percent to company’s total revenue. This the reason why even a slightest of decline in the sales of iPhone causes anxiety amongst the investors.

The chief executive of Apple Tim Cook is worried about the twisted trade relations between China and United States of America. China is the third largest market for Apple and the current trade policies will affect Apple sales in China. Cook discussed the matter with US president Donald Trump at White House.