Apple on Thursday said its earnings in the final three months of last
year set new records, with sales of its flagship iPhone X topping its
expectations.
The California-based technology giant reported that profit climbed to
$20 billion on revenue that increased 13 percent to $88.3 billion
during the period.
"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," said Apple chief executive Tim Cook.
"iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November."
However, Apple reported that overall iPhone sales in the quarter of
77.3 million were about a million fewer than the same period a year
earlier.
But iPhone revenues rose 13 percent from a year ago, suggesting its newer models were gaining traction.
The earnings -- for the first quarter of Apple's financial year --
come amid concerns over weak demand for the newest and most expensive
iPhone X, the 10th anniversary edition of the iconic smartphone.
Revenue growth from iPhone sales rose in all regions, and it was the
top-selling smartphone overall in mainland China, according to Cook.
"It was a stellar quarter for iPhone," Cook said.
"iPhone X was the most popular."
Apple also forecast revenue of between $60 billion and $62 billion in
the current quarter, an outlook less rosy than analysts had expected.
Apple shares dipped and then rose more than three percent to $173.40
in after-market trades that followed release of the earnings figures.
