Apple's massive gamble with the iPhone X seems to have paid off well. The Cupertino giant has reported $88.3 billion in revenue during the last quarter of 2017, which is in-line with the company's target of $84 to $87 billion figure it predicted during the previous quarter earnings call. Overall, Apple sold 77.3 million iPhones with the iPhone X being the top-seller every week during the holiday season in the United States. However, Apple is short of its iPhone sales when compared to 78.2 million units it sold in Q1 2017. Apple's CEO Tim Cook said that they're thrilled with the response to the iPhone X and quoted it as 'above expectations.'
"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 expectations and has been our top-selling iPhone every week since it shipped in November," said Apple chief executive Tim Cook. Apple also said that iPhones revenue is up by 13% YoY, meaning the newer models are gaining customer's attention.
“We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That’s an increase of 30 percent in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers," he further added.
Tim Cook also added that Apple is expecting revenue between $60 billion (roughly Rs. 3.84 lakh crores) and $62 billion in the ongoing quarter, which is in-line with analysts prediction on weak iPhone X demand.
Even though Apple sold fewer iPhones as compared to last year, Apple's revenue is up because of the premium price of the iPhone X. Thanks to the iPhone X, iPhone ASP increased to $796 from $695 a year ago.
Speaking of Apple's other products, the company managed to sell 13.2 million iPads during the same quarter, which is up by a marginal amount compared to the same period last year. Apple sold 5.1 million Macs during the quarter, down from 5.4 million a year ago.
Apple also highlighted that it's the best quarter for Apple Watch ever as it witnessed 50% growth in revenue and double the sales of Watch 3 series as compared to previous generation Apple Watch devices.