A day before the release of the highly-anticipated iPhone X, Apple announced its Q4 earnings report that pushed its stocks up by three percent in after-hours trading.
As a result, the company’s valuation went up to $900 billion – just $100 billion shy of reaching $1 trillion.
Apple posted “quarterly revenue of $52.6 billion, an increase of 12 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.07, up 24 percent,” a BusinessWire report said.
The quarterly revenue beat expectations of analysts who had pegged the company’s earnings at $50 billion.
“International sales accounted for 62 percent of the quarter’s revenue.”
A Strong Finish To 2017
Apple chief executive Tim Cook said in a statement: “We’re happy to report a very strong finish to a great fiscal 2017, with record fourth-quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for Services.”
“With fantastic new products including iPhone 8 and iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K joining our product lineup, we’re looking forward to a great holiday season.”
“And with the launch of iPhone X getting underway right now, we couldn’t be more excited as we begin to deliver our vision for the future with this stunning device.”
Other highlights of the earnings report are:
- Sales of Mac computers rose 25 percent from last quarter.
- Revenue on iPads went up by 14 percent.
- Unit growth of Apple Watches was up by more than 50 percent.
- Apple Music and iCloud customers now number more than 210 million.
- Paid subscribers to Apple’s music streaming service are up by 75 percent from the previous year.
Apple not only achieved growth in the US but also abroad.
Cook said “sales in China hit $9.8 billion, up 12 percent from a year ago, returning the segment to growth after an extended slump.
iPhone X Sales
Meanwhile, Cook revealed that iPhone X orders “are very strong for both direct customers and for carriers throughout the world.”
“The first sales started in Australia, and I’m told we had several hundred people waiting at the store in Sydney, and I’m getting similar reports from across that region.”
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