Apple sales gets a boost from 8 days of iPhone 8

Nov 03, 2017, 00:32
Apple sales gets a boost from 8 days of iPhone 8

Apple notes in their earnings report that Services revenue in their fiscal 4th quarter of 2017 included "a favorable one-time adjustment of $640 million due to a change in estimate based on the availability of additional supporting information".

Analysts have been eager to see whether Apple will be able to balance supply and demand for the iPhone X during the crucial holiday quarter, with most saying it will likely take Apple until next year or early spring to do so.

The iPhone is the main profit driver for Apple, accounting for more than half its revenues, and importantly is the cornerstone for the ecosystem of other devices and services.

The new X phone, which goes on sale Friday, got rave reviews this week, sold out of initial orders quickly, and has a backlog of 5-6 weeks for delivery.

Apple opened pre-orders for the iPhone X on October 27 and has said demand has been "off the charts", although some analysts have been anxious about supply chain issues that might prevent the company from making enough phones to satisfy demand.

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Net income rose 19% to $10.7 billion and earnings per share climbed to $2.07, topping forecasts for $1.87.

"Apple's year-over-year revenue growth rate accelerated for the fourth consecutive quarter and drove EPS growth of 24 percent in the September quarter", said Luca Maestri, Apple's chief finance officer. "We sold more iPhones than we expected", he said.

Analysts interviewed by AFP see signs of strong demand for iPhone X, perhaps fueled by the company's famously devoted fans who have shunned freshly released iPhone 8 models to wait for the 10th anniversary device.

Even with the iPhone X's delayed release, Apple is still struggling to catch up. The new iPhone also requires more sophisticated components to power the facial-recognition technology for unlocking the device.

"The ramp for iPhone X is going well", said Cook. Surprisingly, that's not the fastest-growing category for Apple - that would be the "other products" category that includes hardware like the Apple Watch, AirPods and Apple TV. That's higher than it expected during the same period a year ago, $76 billion and $78 billion, and slightly above analyst expectations. On the plus side, you're unlikely to run out of storage any time soon and your odds of getting hold of a handset will be better: most customers avoid the highest capacity model to save a few bucks. He said he expects the current quarter to be the company's biggest ever, after a "sensational year" for 2017.