iPad sales were the hero of Apple’s latest earnings report

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iPad Air 10.5
The new iPad Pro is officially a hit!
Photo: Apple

Apple surprised Wall Street with a better-than-expected Q2 earnings report this afternoon and one of the biggest factors was the iPad.

With revenues topping $58 billion Q2 (down 5% YoY), Apple is trying to become less reliant on its iPhone business. Services are expected to pick up most of the slack, but this last quarter Apple got some unexpected help from its iPad business that is experiencing a resurgence just at the right time thanks to the new iPad Pro.

Apple breezes past Wall Street forecasts with $58 billion in revenue

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quotes on Apple
It's "Get a bag Tuesday" and Tim Cook is cashing in.
Photo: Cult of Mac

Apple revealed its Q2 2019 earnings report and despite some pessimism from analysts, the company managed to beat Wall Street’s expectations.

Revenue for the quarter came in at $58 billion, slightly above Apple’s own guidance to investors. Most of Wall Street analysts were predicting the company would only bring in between $54 billion to $57 billion for the quarter. Better yet, the company’s guidance for next quarter is stronger than expected, signifying that the doom-and-gloom may have been severely overstated.

Brace yourself for Apple’s next ugly earnings call

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Apple earnings
Apple's Q2 earnings are expected to be a bit of a downer.
Photo: Ste Smith/Cult of Mac

Wall Street is anxiously awaiting Apple’s earnings report for the second quarter of 2019 that will be delivered on Tuesday, April 30. Apple’s stock value has risen about 30% this year even though iPhone sales are slowing.

Most analysts predict that nearly all of Apple’s numbers will be down compared to the same quarter last year, but there are few bright spots that could cause the company’s stock price to surge. After looking at the analysts’ numbers, we’ve found a couple of key areas to watch for.

iPhone sales slump, but Apple’s in it ‘for the long term’

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quotes on Apple
Measure the money, not number of units sold.
Illustration: Cult of Mac

Apple unveiled its earnings for Q1 2019 this afternoon and as expected, total revenue came in a lot lower than Apple originally predicted at the end of last year, with iPhone sales dropping 15%.

Thanks mostly to slumping sales in Greater China, Apple posted $84.3 billion in revenue, marking a drop from the $88.3 billion the company pulled in during the same quarter a year ago. Even though iPhone sales are struggling, Apple’s services are bringing in more money than expected, giving investors some good news.

Tim Cook got a big pay rise last year

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Tim Cook earnings apple
Tim Cook took home a tidy paycheck in 2018.
Illustration: Ste Smith/Cult of Mac

Tim Cook took home $15.7 million in compensation for his role as Apple CEO in fiscal 2018, a 22 percent raise on his earnings the previous year.

The figure is approximately 283x the median Apple employee’s pay, which stood at $55,426. That average is more than Amazon’s $30,000 median, but significantly lower than Facebook’s $240,430 and Alphabet’s $197,000.

Apple’s holiday quarter earnings could be insane

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Tim Cook earnings apple
Apple earnings could be about to reach new heights.
Photo: Ste Smith/Cult of Mac

Apple enjoyed an incredible start to 2018 thanks to a record-breaking holiday quarter, but according to one analyst, this year’s will be even better.

Thanks to an impressive new iPhone lineup and the best Apple Watch yet, revenue could reach insane new heights as we see out 2018. iPhone sales alone are predicted to surpass a staggering 81 million units!

Snapchat’s number of daily users continues to tumble

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Snapchat
Forget disappearing messages; Snapchat is suffering disappearing users.
Photo: Jim Merithew/Cult of Mac

Snapchat isn’t having a good time right now. The company just released its third quarter results, and once again suffered a decline in daily active users.

That number fell by 2 million to 186 million people, marking the third straight quarter of user declines. However, Snap seems confident it can break the losing streak in 2019.

Samsung reports record earnings — and Apple’s a big reason why

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Samsung
Quick, send Tim Cook a thank you note!
Photo: Jim Merithew/Cult of Mac

Samsung is expecting to rake in record operating profits for the three months ending in September — and it owes Apple a debt of gratitude for helping.

The South Korean tech giant said on Friday that it’s expecting to pull in $15.6 billion in operating profits for the most recent quarter. This would be a jump of more than 20 percent compared to the same quarter in 2017, and Samsung’s highest ever quarterly earnings. They should send Tim Cook a bottle of champagne to thank him!

iPhone manufacturer struggles despite record revenues

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Foxconn
Foxconn just announced its lowest net profits in five years.
Photo: CBSRe

With Apple recently hitting a $1 trillion valuation, you’d think it would be a great time to be an Apple supplier. According to new quarterly earnings released by Apple’s long-time manufacturer Foxconn, however, that’s not entirely true.

As revealed in Foxconn’s latest financials, consolidated revenues rose 17 percent year-on-year to reach a new historical high of $34.43 billion for Q2 2018. Unfortunately, net profits for the quarter fell 2.18 percent on-year to their lowest level in five years.

Snapchat blames big redesign for decline in active users

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Snapchat
Snapchat has reported its latest quarterly earnings.
Photo: Jim Merithew/Cult of Mac

Snapchat has blamed the lingering effects of its disastrous redesign for a decline in its number of daily active users.

The messaging company reported its Q2 earnings yesterday. One of the key takeaways was that the number of people using Snapchat daily shrank from 191 million last quarter to 188 million this quarter. CEO Evan Spiegel blamed the 1.5 percent decrease on, “disruption caused by our redesign.”