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Before Apple's quarterly results for the period to end-March came out on Thursday last week, the market's expectations were low. There were dire reports of smartphone market share losses in China, to cheaper local brands like Huawei. The consensus was that iPhone sales were going to be muted.
In fact, the results were very satisfactory, with revenue from iPhones of $45.9 billion for the quarter. Services revenue was excellent, and MacBook sales were strong. Earnings forecasts for future quarters were upbeat.
Apple announced a record stock buy-back programme worth $110 billion. Capex spending remains modest. The double-digit growth of iPhone sales in India, which is also where more of them are being manufactured, bodes well.
Product development is ongoing. Updated iPads will be launched at an event this week, and from the iPhone 16 onwards, it's likely that AI tools will run on all Apple devices, without an internet connection.
Apple shares traded 6% higher on Friday, and closed at $183. For reference purposes, the all-time high is just below $200 per share.
Even though Tim Cook wants to buy back your shares at the current level, don't even consider selling them.
