Apple Reports Q2 2018 Results
My notes:<p>Numbers:<p>- Q Rev. $51.5B to $53.5B, Est. $51.4B<p>-  Q2 2018 revenue of $61 billion, equaling analyst&#x27;s estimates. That&#x27;s 16 percent growth from a year ago. It&#x27;s the fastest year over year expansion since 2015<p>- Apple sold 52 million iPhones in the second quarter, compared to 50.1 million units in the year-ago quarter. This represents year-over-year 3 percent unit growth and 14 revenue growth<p>- services revenue up 31 percent from a year ago and 8 percent from the preceding three months.<p>- Quarter over quarter, iPhone sales fell 32 percent in terms of units and 38 percent in terms of revenue. The average selling price was $728 per phone compared with an average estimate of $740.<p>- The iPad made gains from a year ago. Apple sold 2 percent more in the second quarter from a year ago with a 6 percent revenue gain. It sold fewer Mac computers compared with a year ago and revenue was flat.<p>- other revenue, watch, pay,  tv, etc Revenue was up 38 percent from a year ago.<p>- Cash at end of 2Q $267.2 billion vs $285.1 billion q&#x2F;q<p>- est. 3Q operating expenses $7.7 billion to $7.8 billion<p>- est. 3Q tax rate about 14.5%<p>Commentary:<p>- apple store now has 270 million paying subscribers - that&#x27;s 100 million more than a year ago.<p>- 
- In a note to investors, Morgan Stanley said it expects Apple to hike its capital return program by $150 billion to a total of $450 billion in returns by 2020. This would be up from the $300 billion program announced last year, which was expected to run through March-2019. Apple is also expected to up its quarterly dividend to 0.945 cents per share, up from the current 63 cents, according to Morgan Stanley.<p>- Apple was the largest non-financial issuer of U.S. investment-grade bonds last year.<p>and from Jon Elichman this was intersting<p>Number of iPhones sold in Q2:<p>Q2 2018: 52.2 million<p>Q2 2017: 50.8 million<p>Q2 2016: 51.2 million<p>Q2 2015: 61.2 million<p>Q2 2014: 43.7 million<p>Q2 2013: 37.4 million<p>Q2 2012: 35.1 million<p>Q2 2011: 18.6 million<p>Q2 2010: 8.8 million<p>Q2 2009: 3.8 million<p>Q2 2008: 1.7 million