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Why future projections for Apple are gloomy even after 38 per cent rise in profits

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San Francisco:  Apple announced on Tuesday its profits rose 38 percent in the second quarter due to a surge in iPhone sales.

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However, Apple’s Chief Executive Tim Cook expressed concerns over the rising competition. “The gap is widening between us and our competitors,” Tim Cook said in an interview with the newspaper, the Wall Street Journal.

Headquartered in Cupertino, California, the company earned $10.7 billion during this period, its fiscal third quarter, compared to $7.74 billion in the same quarter of 2014, equivalent to earnings of $1.85 per share, reported EFE.

It sold 47.4 million iPhones in the second quarter, 35 percent more than the same period last year and more than double from four years ago. iPhone sales in China too, more than doubled to $13.2 billion.

In total, iPhone sales contributed $31.4 billion, a 59 percent rise over last year, owing to an average $100 increase in their prices.

Apple Watch concerns?

The company did not share information on the sales of the Apple Watch, which they recently began to sell, although Cook said it exceeded internal expectations.

The gross margin of the company’s profit was 39.7 percent, as opposed to the expected 38.5 percent to 39.5 percent.

Apple shares, however, fell 6.7 percent in after-hours trading at Wall Street, owing to what analysts called gloomy projections for coming months.

The company forecast revenue of $49 billion for the third quarter ending in September, against analysts’ expectations of $51.13 billion.

Next Story

Apple Removes App Named ‘Like Patrol’ that Stalked Users on Instagram

A user can restrict someone by swiping left on a comment, through the Privacy tab in Settings, or directly on the profile of the account you intend to restrict

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Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York, Aug. 1, 2018. VOA

Apple has removed an app called “Like Patrol” that stalked users on Instagram and allowed those who downloaded it to scrape information from the Facebook-owned platform about the activity of other users.

“Like Patrol” was removed from the Apple App Store, following Instagram’s delivery of a cease-and-desist letter to the app’s developers for violating its policies against data collection, CNET reported on Monday.

“Scraping violates our policies, and we take action against companies who we find to be engaging in it. Like Patrol was scraping people’s data, so we are taking appropriate enforcement action against them,” a Facebook spokesperson was quoted as saying.

Apple said the app violated its guidelines.

Sergio Luis Quintero, founder of “Like Patrol”, was quoted as saying that they will fight to get back on the App Store.

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FILE – The Instagram icon is displayed on a mobile screen in Los Angeles. VOA

“We strongly believe that our app does not violate Apple policies, we plan to appeal this decision in the coming days,” he said.

The app is not available in the Google Play Store for Android.

In October, Instagram killed its own ‘Following’ tab that allowed people to see what posts and accounts their friends were interacting with.

Also Read: Quit Facebook Now to Secure Good Grades in Exams

Instagram has also rolled out a new mode called “Restrict” globally that will let users stop people who bully them via offensive posts or abusive comments.

A user can restrict someone by swiping left on a comment, through the Privacy tab in Settings, or directly on the profile of the account you intend to restrict. (IANS)