Shares of Apple climbed 3.40 percent in after hour trading on Thursday after the Cupertino, California company posted strong earnings for its fiscal 2018 first quarter, ending December 30th that beat consensus estimates amid strong demand for Apple’s premium iPhone X and the highest revenue ever for a new iPhone lineup.
“We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. iPhone X surpassed our expectation and has been our top-selling iPhone every week since it shipped in November,” said Apple’s CEO Tim Cook after the earnings beat.
Apple reported quarterly revenue of $ 88.3 billion, an increase of 13 percent from the year ago quarter, setting an all-time record, led by the company selling 77.3 million iPhones, the highest number ever for a 13-week quarter.
“iPhone X was the best-selling smartphone in the world in the December quarter according to Canalys, and it has been our top selling phone every week since it launched. iPhone 8 and iPhone 8 Plus rounded out the top three iPhones in the quarter” said CEO Tim Cook.
International sales represented 65 percent of Apple’s quarterly revenue.
Although Apple didn’t release any unit numbers for their Apple Watch, CEO Tim Cook reported that it was their best quarter ever with over 50 percent growth in revenue and units for the fourth quarter in a row, combined with strong double-digit growth in every geographic segment.
“Sales of Apple Watch Series 3 models were also more than twice the volume of Series 2 a year ago. Apple Watch is the most popular, smart watch in the world and gained market share during the quarter based on the latest estimates from IDC” said Apple CEO Tim Cook.
Apple’s guidance for its fiscal 2018 2nd quarter includes revenue between $ 60 and $ 62 billion. Gross margins between 38 and 38.5 percent and operating expenses between $7.6 and $ 7.7 billion.
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