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Markets Live: ASX turns losses to gains

2 February 2018 12:51 AM
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Markets Live: ASX turns losses to gains

Apple's revenue forecast for the second quarter was below market expectations, adding to concerns of a plateau in demand for its newer iPhones, including the anniversary edition iPhone X.

The company forecast second-quarter revenue between $US60 billion and $US62 billion, while analysts on average were expecting $US65.73 billion, according to Thomson Reuters I/B/E/S.

Revenue rose about 13 per cent to $US88.29 billion for the first quarter ended December 31. It reported $US78.35 billion in the previous year.

The company said it sold 77.32 million iPhone units, below analysts' average estimates of 80.03 million, according to financial data and analytics firm FactSet.

Google parent Alphabet surged past $US100 billion in yearly revenue powered by soaring sales of pricey online ads, but reported a fourth-quarter loss due to a $US9.9 billion one-time tax-related charge.

Alphabet reported a net loss of $US3.02 billion or $US4.35 per Class A and B share and Class C capital stock in the quarter ended December 31, compared to a profit of $US5.33 billion or $US7.56 per share a year earlier.

Amazon.com said its sales surged over the winter holiday season and profit topped expectations, as the online retailer drew millions of new customers to its Prime fast-shipping club and as changes to US tax law added to its bottom line.

Amazon, which shipped over 5 billion items worldwide through its subscription-based Prime service in 2017, said its net sales rose 38 per cent to $US60.45 billion in the reported quarter from $US43.74 billion a year earlier.

Net income rose to $US1.86 billion, or $US3.75 per share, in the quarter ended December 31 from $US749 million, or $US1.54 per share, a year earlier.

Source: theage.com.au

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