Apple reported a record holiday quarter, buoyed by strong demand for its new generation of iPhones.
The Cupertino tech giant began shipping its anniversary edition iPhone X in November — and the company said sales of the $1,000 device have been robust. The phone’s higher price tag fueled revenue for the December quarter.
” iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November,” said Apple CEO Tim Cook. “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.”
Apple shipped some 77.3 million iPhones over the holiday quarter — about 1% fewer than the same time a year ago. But revenue, thanks to the hefty price tag of the iPhone X, was up 13% from a year ago to nearly $61.6 billion.
Sales of iPads reached 13.2 million units, up a modest 1% from last holiday season. Mac sales slumped to 5 million units, down 5% from a year ago. Revenue from services, like ApplePay, rose 18% to $8.5 billion.
Apple reported revenue of $88.3 billion for its fiscal first quarter, exceeding analysts’ estimates of $87.28 billion. Per-share earnings of $3.89 topped the consensus estimates of $3.86.
Investors will be listening for more details about what Apple plans to do with the giant haul of cash it plans to bring back to the United States. They’ll also be tuned to any guidance about iPhone X sales in the spring quarter — especially amid reports of slowed manufacturing.