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Thursday, February 01, 2018
Apple's Revenue Hit New All-Time Records

Apple posted quarterly revenue of $88.3 billion, an increase of 13 percent from the year-ago quarter and an all-time record, but the company's revenue forecast for the second quarter was below market expectations.

Apple reported quarterly earnings per diluted share of $3.89, up 16 percent, also an all-time record. International sales accounted for 65 percent of the quarter's revenue.

Revenue from Apple's services segment (iTunes, Apple Music, iCloud, and Apple Pay) rose about 18 percent to $8.47 billion in the quarter.

In the latest fiscal first quarter, the company said it sold 77.32 million iPhone units, below analysts' average estimates of 80.03 million. However, average selling prices were $796 against expectations of $756, a fact that Chief Financial Officer Luca Maestri attributed to higher demand for its newest iPhones.

For the quarter, Apple sold 13.2 million iPads, which is up 1% from a year ago. Revenue was up more than sales, at 6% gain, for revenue of $5.862 billion for the quarter.

Mac sales fell 5% in both terms of units sold and revenue. Apple sold 5.1 million Macs this quarter, compared to 5.3 million a year ago. Revenues were $6.9 billion, so ASP for Mac is $1348.78.

Apple's Other Products includes Apple TV, Apple Watch, Beats, iPod, and accessories. For the quarter, revenues grew 36% to $5.489 billion.

"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. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November," said Tim Cook, Apple's CEO. "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."

The company forecast second-quarter revenue between $60 billion and $62 billion.

The numbers, which would be considered extraordinary for any other company in the world, underscore the elevated expectations that investors have for Apple. Analysts had speculated that iPhone X sales may have been slower than previously expected for the first quarter and may drop off sharply for the March quarter, lowering their estimates for the March quarter and full fiscal 2018.

Apple's cash reserves jumped to $285 billion, adding to the pile of offshore money that will be taxed under new legislation introduced in the U.S. recently. The company said last month that it will bring hundreds of billions of dollars back to the U.S. and pay $38 billion in tax.

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