Apple to create $1 billion fund to boost US manufacturing

Apple sold 50.76 million iPhone units during the quarter, down from 51.19 million previous year. iPad unit sales were down 13% to 8.9 million while Mac sales rose 4% to 4.2 million units.

Apple had come under fire from President Donald Trump during his campaign because it manufactures most of its products in China.

Some Wall Street analysts Wednesday reiterated their buy ratings on Apple but mentioned more controversies than expected, including the company's weak growth in China in the past quarter. How can we touch even more people? "If we can create many manufacturing jobs, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them". Also, while quoting the future, Cook said that the company has a really great pipeline when it comes to the smartwatch segment but refused to elaborate any further.

It wasn't all bad news though; Apple reported a 4.6% rise in revenue to $52.9 - albeit down on the $53.02 billion forecast.

According to the company's second quarter results released on Tuesday, Apple posted quarterly revenue of $52.9 billion and quarterly earnings per diluted share of $2.10 for its fiscal 2017 second quarter ending April 1, 2017.

This is always the least impressive time of year for Apple's earnings, coming as it does after the Christmas period. The company also plans to bring Apple stores to India, Cook confirmed.

Shares, which had been trading at all-time highs earlier in the day, fell slightly in after-hours trading.

Traditionally, Apple's third quarter is its weakest, because its product launches are geared towards the end of the year, with sales targeted on the holiday season. Cook indicated that the iPhone maker will not repatriate $1 billion for the manufacturing fund. Apple's services business was the highlight, with revenue from the unit growing 18% year on year to $7.04 billion.

Cook emphasized that the 4G network investment began rolling in in a significant way toward the last quarter of a year ago in India, which is the third largest smartphone market in the world today behind China and the US.

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