Apple reports $13.8B profit, despite slow iPhone sales

May 1 (UPI) -- Apple's profits increased 25 percent in the second quarter despite a marginal increase in iPhone sales, the company reported Tuesday.

Apple's quarterly report showed the company's profits reached $13.8 billion as it sold 52.2 million iPhones during the first three months of the year, up only 3 percent from the same period last year, following the release of the iPhone X.

CEO Tim Cook said Apple customers purchased the iPhone X -- released Nov. 3, 2017 -- more than any other model each week in the quarter.

"We're thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables," Cook said.

The company reported revenue of between $51.5 billion and $53.5 billion. The iPhone X's $999 price tag also helped sales increase 16 percent from the second quarter in 2017 to $61 billion.

Apple also announced a $100 billion share buyback program and a 16 percent increase in its quarterly dividends.

"With the greater flexibility we now have from access to our global cash, we can more efficiently invest in our US operations and work toward a more optimal capital structure," said Apple CFO Luca Maestri.

Apple has returned $275 billion to share holders, including $200 billion in share repurchases, since it resumed returning capital in August 2012.