Apple's pricey iPhone X, subscriptions deliver earnings beat

Apple could become the world's first trillion dollar company today

This resulted in the average selling price of iPhone reached $724, a sizable bump from a year ago.

Apple's software and services division, which includes the App Store as well as the company's music streaming service and mobile payment software, has become its growth powerhouse as smartphone sales flatline, and is now its second most-lucrative business unit after the iPhone itself.

"The lesson Apple's management has learned from the iPhone X, is when you sell a smartphone for more than $1,000 you can sell fewer units and still reap the financial benefits", said analyst Thomas Forte from D.A. Davidson & Co.

Analysts are predicting iPhone sales to be up slightly on previous year, but revenue to rise further thanks to the higher price of the iPhone X, which Apple said, when announcing its last set of results, was its best-selling phone.

The maker of iPhones, iPads and other products posted revenue of nearly $53.3 billion in the period, also exceeding Wall Street forecasts.

Apple's biggest selling products do not yet face duties stemming from the US-China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated. Sales of the iPad tablet grew slightly to 11.6 million while those of its Mac computers dropped to 3.7 millions.

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Gains from modest currency depreciation "will not be effective for relieving the pain facing China's tech sector", Yao said. If the United States places 25% tariffs on Chinese products, China can depreciate Yuan by as much as possible.

Investors were watching closely to see if Apple would be entangled in the FAANG meltdown, which hammered shares of Facebook (FB) and Netflix (NFLX) last week in a broader sell-off.

Even though iPhone unit shipments inched up 1% to 41.3 million, revenue catapulted 20% to $29.9 billion because the $999 iPhone X was the top-selling brand, Apple CEO Tim Cook said in a conference call with analysts today.

The company said sales for its fiscal fourth quarter, which would include early sales of its latest devices, would be between $60 and $62 billion. Apple never really explains how specific products in that bucket contribute to the company's overall performance, but Cook did point out on the call the Apple Watch's growth was "in the mid-40s range" this quarter.

Earnings per share was at $2.34. Apple's market cap sits at $935.3 billion. Revenue from Services was up to $9.54 billion, an increase of 31% year-over-year. That's in line with the company's recent forecast and translates to year-over-year revenue growth of about 15 percent, the strongest for Apple's June quarter since 2015.

USA markets recovered overnight, led by gains in industrial stocks, following reports that the United States and China were renewing their trade negotiations to prevent the trade war from escalating.

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