Apple Inc. executives had a clear message for investors on Tuesday: Demand for iPhones has begun to recover from a bruising holiday period. The Cupertino, California-based company reported iPhone sales of $31 billion in the fiscal second quarter, slightly better than analysts expected. Apple’s projection for revenue in the current period also topped Wall Street estimates, and could result in the first sales increase in three quarters. Apple resorted to traditional tactics, such as discounts and generous trade-ins, to revive its iPhone prospects. That dents hardware profit margins, but creates a larger base of device owners to support an expanding roster of digital services. The stock rallied 5 percent in extended trading. “IPhone pricing had gotten greedy in 2018 and it makes sense to trim prices in 2019,” said Neil Mawston, executive director of the global wireless practice at Strategy Analytics Inc. “Apple has the world’s most valuable user base of premium smartphones, tablets and smartwatches. It has potentially a billion people it can sell services to.” During a conference call, CEO Tim Cook and Chief Financial Officer Luca Maestri explained how they stabilized iPhone demand, veering into the lexicon of used car salesmen on one occasion. The company pushed… Read full this story
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