Apple’s iPhone X isn’t going anywhere soon, at least according to the company’s latest financial reports. Apple reported resilient iPhone sales despite analysts predicting the high price of iPhone X was affecting its iPhone sales. The company posted $61.1 billion in revenue for the January-March quarter, up 16% year-over-year. The iPhone sales also rose by 3% compared with the same time last year. Apple said it sold 52.2 million iPhones alone to the tune of $38 billion bringing the iPhone revenue up 14% from the same quarter last year. This is a surprise to many analysts who in the past weeks expected iPhone sales to crater, amid reports that Apple suppliers such as Samsung had drastically cut projections for the upcoming quarter. The company was also reported to be cutting back on the production of iPhone X because of poor sales.
However, Apple Chief Executive Officer Tim Cook said iPhone X is their company’s best selling model. Apple sells more iPhone X units every week than any other iPhone model, and that’s been the case since the launch of the device back in November.
“This is the first cycle that we’ve ever had where the top of the line iPhone model has also been the most popular,” Cook said during the company’s earnings call. “It’s one of those things like when a team wins the Super Bowl, maybe you want them to win by a few more points. But it’s a Super Bowl winner, and that’s how we feel about it,” he added.
Moreover, Apple gave better predictions for the third quarter than expected. The company predicted revenue of $51.5 billion to $53.5 billion in the June quarter, ahead of the $51.6 billion Wall Street expected as of Monday evening. This is once again surprising as it comes at a time when Apple’s top smartphone rival, Samsung said it expects the demand for its top-range phones to soften.
Motley Fool senior analyst Jeff Fischer said that the company’s earnings report should put all these fears to rest adding that “Tim Cook and Apple are playing the long game”. So Apple won’t be halting the iPhone X production anytime soon, and we can expect to see newer models of the X released in September.
Furthermore, Tim Cook also stated that Apple would continue providing different iPhones for folks to meet their needs, hinting at the various new iPhone launches this year. Sadly, Apple did not reveal the HomePod sale numbers though, which is also said to be performing rather poorly by analysts.