The iPhone X was not just a disappointment sales wise.
That helped the company earn almost $14 billion in its fiscal second quarter, a 25% increase from a year ago.
Following the publication of its results, the company's shares rose 3.84% in extended trading.
"And so our task is to convince people that now or have another type of phone to switch, while really taking care of people that have an iPhone so that they choose when they elect to buy another phone, that they buy another iPhone".
There had been concern that Apple would be negatively impacted by slow sales of its iPhone X, but the firm sold 52.2 million iPhones in the three months to March, up from 51 million a year earlier - only just missing Wall Street expectations of 52.3 million.
IPhone sales once again disappointed Wall Street in Apple's latest quarter. Famously, many critics had said that the iPhone X was virtually dead as the public was not much enthused by it. And so I think that it's one of those things", Cook added, "where like a team wins the Super Bowl, maybe you want them to win by a few more points but it's a Super Bowl victor and that's how we feel about it.
Along with the $100 billion share buyback, Apple also reported earnings per share growth of 30% to $2.73. That's 14 percent up from the same quarter as previous year.
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"With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our U.S. operations and work toward a more optimal capital structure", said Apple CFO Luca Maestri.
"Since we split the line with the launch of iPhone 6 and 6 Plus in 2014, this is the first cycle in which the top of the line iPhone model has also been the most popular", said Apple CEO Tim Cook during an earnings call. Elsewhere, Japan grew by 22%, the Americas by 17%, Europe by 9%, and Asia-Pacific by 4%.
Cook added some additional detail about iPhone X sales when asked about the sustainability of the iPhone X's pricey $999 starting price.
"China, I continue to believe is a phenomenal country with lots of opportunity from a market point of view, but also lots of opportunity from an app developer's point of view", Cook said during the earnings call.
In terms of iPhone sales, 52.2 million units were supposedly sold in the same timeframe, which translates to $38 billion in revenue.
The Cupertino giant gave better projections for the next quarter than expected.
Apple previously promised to hire 20,000 more workers during the next five years, including some at a planned new campus in a still-to-be-identified US city outside California.