iPhone X Sales Better than Feared in Q2

Update4 years ago
Apple reported a strong quarter on May 1st, having sold 52.2M iPhones in the period. This was much better than many investors feared given iPhone X supply constraints in recent months.
Management expects the business momentum to continue, but the highlight was their announcement of a new share buyback program ($100B). These robust fundamental and financial results defied many investors' gloomy expectations.
For context: back in Sept. 2017, the company announced its most expensive handset to date, the iPhone X. Apple struggled to meet initial orders due to supply constraints, and hence many investors expected weaker market demand in the past few months. It seems that Apple proved them wrong this quarter, selling 52M iPhones (above many investors' expectations).
Apple's board also approved a new $100B share buyback program and a 16% increase in its quarterly dividend. With the new tax legislation in place, Apple has said that it aims to hold zero net cash. It currently holds about $270B in cash. It will spend its excess cash through returns to investors in the form of dividends and share buybacks as well as investments in expansion and product development.
We're pleased with these results. It's clear the Apple's management team is focused on not simply executing well in the core business but also growing shareholder returns through return of capital.
As of this writing, AAPL was a portfolio holding of Titan. This security may cease to be a portfolio holding at some point in the future.

Become a Titan investor today.

Investment articles and resources
Become the smartest investor you've ever been through straightforward, easy-to-read investment articles.
Titan Global Capital Management USA, Inc ("Titan") is an investment adviser registered with the Securities and Exchange Commission (“SEC”). By using this website, you accept our Terms of Use and Privacy Policy. Titan’s investment advisory services are available only to residents of the United States in jurisdictions where Titan is registered. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance. Account holdings are for illustrative purposes only and are not investment recommendations. The content on this website is for informational purposes only and does not constitute a comprehensive description of Titan’s investment advisory services.
Refer to Titan's Program Brochure for more information. Certain investments are not suitable for all investors. Before investing, consider your investment objectives and Titan’s fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Brokerage services are provided to Titan Clients by Apex Clearing, an SEC registered broker-dealer and member FINRA/SIPC. For more information, see our disclosures. Information provided by Titan Support is for informational and general educational purposes only and is not investment or financial advice.
© Copyright 2022 Titan Global Capital Management USA, Inc. All Rights Reserved.