And it has approved a new $100bn (£73bn) share repurchase authorisation and a 16 percent increase in its quarterly dividend. Apple didn't provide guidance on iPhone sales for the period, but said it expects to total revenue from $51.5 billion to $53.5 billion.
"... We have extremely low share in that market overall", Cook said during Apple's second quarter 2018 earnings call yesterday.
The company on Tuesday announced fiscal second-quarter revenues of $61.1bn, beating analyst expectations and representing a 15 per cent year-on-year increase.
By comparison, Q2 of 2017 saw Apple sell 50.76 million iPhones, 8.92 million iPads, and 4.199 million Macs, equating to $52.9 billion in quarterly revenue.
The amount Apple spent buying its shares in those three months exceeded the stock market value of most companies in the S&P 500 index, including household names like Kroger Co, Best Buy Co Inc and Hershey Co.
Shares remained strong in pre-market trading Wednesday, up 3 percent at 4:42 a.m.in NY.
"Slowly but surely, [Apple] is morphing into more than just an iPhone story and is displaying ability to sustain revenue growth irrespective of iPhone trajectory", Amit Daryanani, an analyst at RBC Capital Markets, wrote in a research note.
Instagram Introduces Spotify Integration, Video Chat, Comment Filtering & More
Facebook is also adding a Watch Party feature, which means you can watch and comment on videos in realtime with your friends. There's going to be a new camera icon at the top of a Direct thread which when tapped will start the video chat .
The iPhone is Apple's most important product, resulting in about two-thirds of sales for the company. That's good for a revenue increase of 16% over 2017 and a massive earnings-per-share boost of 30%.
In fact, Tim Cook took a moment to brag a bit about the newest iPhone: "Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter".
As CNET notes, the fears that were stoked with regards to the sales of the iPhone X are likely overblown. "Over time, every phone sold will be a smartphone and so it seems to us that with that many feature phones being sold, that's a pretty big opportunity", the CEO told analysts. The Tame Apple Press is whipping itself into a frenzy over Apple's latest results because the outfit managed to beat Wall Street prophercies of doom and gloom.
While talking about the Indian operations, Cook said, "We set a new first-half record". It will target to put almost all its $163 billion in net cash to work, hinting at more stock buybacks, dividends or acquisitions.
The company had predicted revenue to be in the range of $60 billion to $62 billion.
"We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan", he added.