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Apple's overall second-quarter revenue and earnings per share both beat analyst estimates.
Apple authorized a new share buyback program for up to $100 billion.
Apple's gross margin was 49.2% in the second quarter, an increase of 220 basis points compared to 47.0% in the same quarter last year.
Anurag Rana predicts Apple will generate over $100 billion in free cash flow and use it for stock buybacks rather than building data centers.
Apple's sales in China during the second quarter topped analyst expectations.
Apple's second-quarter iPhone revenue matched the average analyst estimates.
Apple increased its quarterly dividend to 27 cents per share.
Anurag Rana believes the consensus estimate of an 8% increase in iPhone sales for the upcoming quarter may be too low.
Anurag Rana believes Apple has an opportunity to gain market share because it is the only major phone manufacturer that has not raised prices in response to memory shortages.
The MacBook Neo uses a processor that is essentially the same as the one in the latest iPhone, which helps Apple achieve a lower price point for the device.
Apple's services business, which includes the App Store and AppleCare, operates at approximately 75% gross margins.
Anurag Rana predicts that Apple's future growth will come exclusively from emerging markets, not from the U.S. or Western Europe.