IPhone sales were once again top of mind when Apple released the earnings report for its fiscal fourth quarter Thursday, and the company didn't disappoint investors: Apple sold 46.7 million iPhones during its most recent quarter, which is 1.2 million more than during the same time past year.
Apple's stock, which has risen 45 percent this year, closed at $168.24. But retailers and analysts had reporter slower than usual sales for a new iPhone model, which many attributed to the fact that Apple has a new, more premium model, of the iPhone set to hit stores Friday.
Apple did not disclose how many customers had placed preorders of the iPhone X, nor did its release comment on speculation iPhone X demand has hurt iPhone 8 sales.
According to the reports, Where the primary requirement for iPhone X has been the title of extremely consideration and the announcement of the iPhone 8 had been satisfied with shorter than the magnificent sale.
"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", Apple's CFO Luca Maestri added.
For the current quarter ending in January, Apple said it expects revenue in the range of $84 billion to $87 billion. Most analysts are predicting Apple won't be able to catch up with demand until early next year. Soon after people started pre-ordering the iPhone X on October 27, shipping times lengthened to as many as six weeks.
Analysts believe Apple can pull off the juggling act. The previous record was $78 billion during the holiday quarter of 2016. "We sold more iPhones than we expected", he said. By comparison, Apple shipped almost 217 million iPhones in its just-completed fiscal 2017.
This strong performance led to total revenue of $52.6 billion, up 12 percent from one year ago; net income of $10.7 billion was likewise up 19 percent year-over-year.