Apple’s forecast-beating results and upbeat outlook reassure edgy tech sector
San Francisco/Bengaluru — Apple sales led by the pricey iPhone X pushed quarterly results far beyond Wall Street targets on Tuesday, with subscriptions from App Store, Apple Music and iCloud services bolstering business. The world’s most valuable technology company also forecast revenue above expectations for the autumn, when it typically launches new iPhone models. The results were reassuring for a nervous tech sector after sell-offs last week in Facebook, Twitter and Netflix on concern about their future growth. Apple has responded to a flattening global smartphone market by launching ever-more expensive phones and diversifying into services, prospering even as rival Samsung Electronics missed targets for its flagship Galaxy S9 and China’s Huawei Technologies took the number two global smartphone sales spot. Apple also regained growth in China, where sales rose 19%. Sales there fell dramatically in 2016 after Chinese consumers shunned the iPhone 7, whose overall appearance differe...
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