APPLE ANNOUNCED that its fourth-quarter earnings blew past Wall Street expectations on the eve of the launch iPhone X.
Revenue for the three-month period came in at $52.6bn (around £40bn), up from $46.9bn in the year-ago quarter and exceeding analyst expectations of $50.7bn. Profits for the three month period totalled $10.7bn, up from $9bn in Q4 2016.
These bumper figures were driven largely by Apple’s Services division, which includes the App Store, Apple Music and iCloud. Revenue from this division came in at $8.5bn for the past quarter, a 34 percent year over year increase.
Apple CEO Tim Cook boasted: “We’re happy to report a very strong finish to a great fiscal 2017, with record fourth-quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for Services.”
This Services growth is more than all of Apple’s hardware businesses combined. For the three months ending 30 September, iPhone sales came in at 46.7 million, up just three per cent year on year. However, this figure doesn’t yet include sales of the iPhone 8 and iPhone X, with Apple claiming that demand for its £1,000 smartphone has so-far been “off the charts.”
iPad sales saw 11 per cent growth during the quarter, with Appel flogging 10.3 million units, and Mac sales came in at 5.3 million, up from 4.89 million in the year-ago quarter.
“With fantastic new products including iPhone 8 and iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K joining our product lineup, we’re looking forward to a great holiday season, and with the launch of iPhone X getting underway right now, we couldn’t be more excited as we begin to deliver our vision for the future with this stunning device,” Cook said.
Apple is forecasting fiscal first-quarter revenue of $84bn-$87bn, putting it within striking distance of becoming the first trillion dollar public company.
Apple shares rose 4 per cent in after-hours trading to hit an all-time high on the back of the announcement. µ
Source : Inquirer