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Apple's overall second-quarter revenue and earnings per share both beat analyst estimates.
Apple's sales in China for the second quarter topped analyst expectations.
Apple authorized a share buyback program of up to $100 billion.
Apple's gross margin for the quarter was 49.2%, an increase from 47% in the same quarter of the previous year.
Anurag Rana states that Apple's services business, including the App Store and Apple Care, has gross margins of approximately 75%.
Anurag Rana predicts that Apple's future growth will come exclusively from emerging markets, not from established markets like the U.S. and Western Europe.
Anurag Rana predicts Apple will generate over $100 billion in free cash flow and will primarily use it for stock buybacks rather than building data centers.
Apple's iPhone revenue for the second quarter matched the average analyst estimates.
Apple increased its quarterly dividend to 27 cents per share.
Anurag Rana believes the consensus estimate for an 8% increase in iPhone sales may be too low and that analysts might need to revise their forecasts upward.
Anurag Rana stated that Apple is the only major smartphone manufacturer that has not increased prices in response to memory shortages.
According to Anurag Rana, Apple's strategy of not raising prices amidst memory shortages has created an opportunity for the company to gain market share.