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03 November 2017, 12:12 | Rudolph Thomas
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Apple's flagship product, the iPhone X, hits stores on Friday - later than usual - and isn't reflected in Thursday's quarterly earnings report. "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", said Tim Cook, Apple's CEO.
Now seeing as how the iPhone has always been Apple's primary revenue driver, it's no surprise that quarterly iPhone sales is the metric analysts typically pay most attention to. Shares, which closed at $168.11 per share, were up almost 3 percent after the report.
Rosenblatt Securities also has reason to believe that Apple processed more than six-and-a-half million pre-orders, including some registrations without payment, for the iPhone X in China over the first three days.
For Q1 2018, Apple forecasts revenue between $84 billion and $87 billion and a gross margin between 38 percent and 38.5 percent. If only we'd get Apple Watch or Apple TV sales numbers.
It's not hard to see why the iPhone X is in such high demand; it reinvents the company's vision for a smartphone, replacing traditional bezels with an edge-to-edge OLED screen and the antiquated home button with gestures.
The $28.85 billion revenue from iPhone sales accounted for almost 55 percent of total revenue, which rose 12.2 percent to $52.58 billion.
Mr Ives predicted Apple would sell 50 million iPhone X handsets in pre-orders alone - 10 million more than he initially predicted - creating a "defining product launch" for the company. That would be slightly better than the same time a year ago. Soon after people started pre-ordering the iPhone X on October 27, shipping times lengthened to as many as six weeks. "We sold more iPhones than we expected", he said. The previous record was set in 2015 when Apple shipped 231 million iPhones, thanks to larger models introduced just before the fiscal year began.
The Cupertino company posted diluted earnings of $2.07 a share, up 24 percent year-over-year.
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