"We're going to take that balance down from $163 billion to zero," Maestri said, referring to Apple's current level of cash net of debt. He did not say whether the reduction in net cash would come in the form of returning capital to shareholders, capital expenditures or acquisitions. "It was really driven by the success of the iPhone X and also the iPhone 8 and iPhone 8 Plus," Maestri told Reuters of the pricing strength. Apple's services business, which includes Apple Music, the App Store and iCloud, grew 18 percent to $8.4 billion, missing analyst expectations of $8.6 billion. Maestri said the lower services revenue was because the holiday quarter was only 13 weeks rather than 14 weeks.The services revenue was down slightly from $8.5 billion the quarter before.

Source: dna February 02, 2018 03:13 UTC