Apple Earnings Show Growing Immunity to Smartphone Malaise
- As industry cools, CEO cooks up new services, raises prices
- Apple’s success elsewhere doesn’t help smartphone suppliers
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Apple Inc.’s results confirmed that, while the days of double-digit smartphone industry growth are over, Chief Executive Officer Tim Cook has a plan to withstand the slowdown.
The shares gained after the company reported iPhone sales in line with analysts’ expectations, gave a bullish revenue forecast and highlighted a surging services business. A new $100 billion stock repurchase plan and higher dividend also helped. The stock jumped 3.2 percent to $174.52 at 9:33 a.m. in New York.