Tim Cook: iPhone price corrections delivering 'better results' in India

Apple's iPhone sales fall 17% in first quarter as flagship product struggles

It is also expected that this year Apple might also increase the battery capacity of the iPhones.

"It's growing very, very fast Mike [Mike Olsen, the Piper Jaffray analyst who asked the question]".

It is possible that Apple meant to put a fingerprint scanner into the display as it was developing the iPhone X. Apple ultimately made a decision to go with Face ID instead, thus introducing the world to the dreaded notch design.

Apple boosted its cash dividend 5 percent to $0.77 per share and announced an additional $75 billion in share buybacks. Apple has had a goal of reaching $50 billion in Services revenue, which would double the $25 billion it took in during fiscal 2016. The strategy worked. Cook called the results of the program "striking" on Tuesday and said the company handled four times as many trade-ins in the March quarter than the same period a year ago.

For now, while iPhone sales fell again in the second quarter, the company's services revenue beat Wall Street expectations and it forecast an upbeat third quarter.

Services revenue rose to $11.4 billion from $9.8 billion in the same quarter past year.

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The company's stock rose almost 6 percent in early trading. "At this pace, we expect Huawei to remain ahead of Apple at the end of 2019", said Shobhit Srivastava from Counterpoint. Apple had 390 million paid subscriptions during the three months.

Discussing the challenges the company faces, Counterpoint said "It is increasingly hard for Apple to grow ASP's and China remains a declining market for the company". Another notable financial bump in the company's reporting came from services; Apple clocked $11.5 billion in sales from that category, a jump from last year's $9.9 billion. Meanwhile, services, which includes everything from app sales and Apple Music to iCloud storage and all sorts subscriptions purchased through iTunes, went from 16.1% to 19.7% in just one year. The company has set a goal of 500 million by 2020.

The transformation is an acknowledgement that parts of its hardware business are starting to mature, and that it's getting tougher for even Apple to convince you to buy a new iPhone at a regular pace. "We like the direction we're headed with iPhone and our goal now is to pick up the pace", Cook said.

Toward the end of previous year, when it became clear that the latest iPhones weren't selling as well as expected, the company launched an internal "fire drill" to encourage more people to upgrade.

So how bad were the results at Apple?

Cook avoided saying much about the settlement, saying: "We're glad to put the litigation behind us".

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