2018.05.0121:11:00UTC+00Apple Reports Strong iPhone Sales Amid Global Demand Slump

Apple Inc. reported strong iPhone sales figures and pledged $100 billion in additional stock buybacks, beating analysts' estimates and lifting shareholder sentiment.

Apple's quarterly results surpassed Wall Street estimates, which declined ahead of the report on increasing worries over the iPhone. The tech giant also was more upbeat about the current quarter than majority of financial analysts, causing shares to rise 3.6 percent to $175.25 in late hour trading.

The company said it sold 52.2 million iPhones, compared to a Wall Street target of 52.3 million and up from 50.7 million last year, according to data from Thomson Reuters.

Apple posted revenue for its March quarter of $61.1 billion, up from $52.9 billion last year. Wall Street anticipated $60.8 billion.

Median selling prices for iPhones were $728, against Wall Street estimates of $742. The numbers is up over 10 percent from $655 a year ago, indicating that Apple's iPhone X, which has a starting price of $999, has helped to bolster prices.

Profits stood at $2.73 per share against expectations of $2.6 per share and up from $2.10 a year ago.

Apple's services business, which includes Apple Music, the App Store and iCloud, reported $9.1 billion in revenue against the projected $8.3 billion.

The firm purchased $23.5 billion of stock in the March quarter, and said it is looking to boost its dividend by 16 percent, against a 10.6 percent increase last year. Analysts believe the big focus on repurchases will boost share prices, but some investors hope Apple had several uses for the cash, such as on the dividend or a strategic investment.