Apple Reports Record Revenues and Strong iPhone X Sales

Contrary to some analysts' subdued forecasts ahead of Apple's latest financial results, CEO Tim Cook yesterday reported that Q1 2018 saw new revenue highs and iPhone X sales that "surpassed our expectations." And as of January, Apple hit a global base of 1.3 billion active devices, a 30 percent increase over usage figures in 2016.

Despite the positive sales and earnings figures, some analyses of Apple's results pointed to gloomy implications in those numbers. Total iPhone sales by unit were actually lower than they were in the same quarter of the previous year, although revenues rose thanks to the $1,000-and-up price of the iPhone X, according to reports.

Other reports found reason for concern in the fact that Cook (pictured above) didn't offer any figures for customers who switched from Android to Apple devices, something he has done in previous earnings calls.

iPhone X Top Seller Week to Week

According to its Q1 2018 results, Apple reported quarterly revenues of $88.3 billion, an increase of 13 percent over Q1 2017. Sixty-five percent of those revenues came from international sales, Apple said, noting that the record sales came despite the fact that the 2018 quarter was one week shorter than the same quarter in 2017.

"Our growth was broad-based and a key driver was iPhone, which generated its highest revenue ever," Cook said during yesterday's earnings call. "In fact, revenue for our newly launched iPhone was the highest of any lineup in our history, driving total Apple revenue above our guidance range."

Cook added that the iPhone X was Apple's best-selling phone during the quarter that ended Dec. 30, even though the flagship device didn't arrive in stores until early November, considerably later than the usual September launch date. The iPhone X "has been the most popular iPhone every week, every week sales....

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