Apple iPhone back to growth after a year's slump; China virus adds uncertainty

Apple Inc on Tuesday reported sales and profits for the holiday shopping quarter above Wall Street expectations, powered by a rise in iPhone sales for the first time in a year and soaring demand for add-ons like AirPods wireless headphones.

In terms of consumer demand within China for Apple's products, Cook said Apple is seeing reduced foot traffic in its stores there. It has reduced hours at some stores and is also checking the temperatures of employees. Cook also said that Apple's channel partners - third-party stores that sell its products - are also facing some closures.

Apple’s share price has more than doubled since Cook warned a year ago that the company was likely to miss financial targets for its biggest sales quarter of its fiscal 2019. In the year since, Apple slashed prices in China, one of its most important markets, to rekindle sales there. The company also made a push into paid services, rolling out a credit card with Goldman Sachs and subscription gaming and television services last year.

Apple reported services revenue of US$12.7 billion, below analyst estimates of US$13 billion, and up from US$10.9 billion the year before. Many investors think that services revenue eventually will boost Apple’s gross margins, which were 38.35per cent in the December quarter compared with estimates of 38.06per cent.

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