Apple Earnings: iPhone Sales Up Even Before iPhone X Went On Sale

Apple Earnings: iPhone Sales Up Even Before iPhone X Went On Sale

The iPhone X comes a decade after the original iPhone, the product that powered Apple's rise to become the world's biggest technology company with a market capitalization of $862 billion.

The Mac "had its best year ever" in fiscal 2017 in terms of revenue, and fiscal Q4 also marked the strongest September quarter ever for Mac sales, Apple CEO Tim Cook said during the quarterly earnings call on Thursday.

Apple on Thursday reported profits rose on the back of strong iPhone sales in the past quarter, with the United States tech giant set to begin selling its newest flagship handset seen as a key to its future. The company gave investors a guidance $84 billion to $87 billion in revenue for the current quarter. The Whisper number is the Street's unofficial view on earnings.

Apple exceeded all metrics, reporting it had sold 46.7 million iPhones, and made profit of $2.07 per share on revenue of $52.6 billion.

Analysts have been eager to see whether Apple will be able to balance supply and demand for the iPhone X during the crucial holiday quarter, with most saying it will likely take Apple until next year or early spring to do so.

Analysts on average were expecting total revenue of $50.7 billion, according to Thomson Reuters I/B/E/S.

Apple's market capitalization of about $868 billion makes it the world's most valuable publicly traded company.

Though the iPhone franchise is somewhat in limbo, there are other factors afoot for Apple.

When Apple unveiled the $999 iPhone X in September, it also introduced the iPhone 8, which is $300 cheaper and a more modest upgrade to the prior handset. Sales in Greater China rose 12% to $9.8 billion.

Apple opened pre-orders for the iPhone X on October 27 and has said demand has been "off the charts", although some analysts have been anxious about supply chain issues that might prevent the company from making enough phones to satisfy demand.

The iPhone 8 and iPhone 8 Plus went on sale in October, boasting improvements to the camera and the addition of wireless charging.

Analysts interviewed by AFP see signs of strong demand for iPhone X, perhaps fueled by the company's famously devoted fans who have shunned freshly released iPhone 8 models to wait for the 10th anniversary device.

Wang Hao, a 24-year-old engineer in the northeastern port city of Dalian, said he ordered the new phone despite the high price tag. It would also set a new quarterly sales record for the company.

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