Business Technology

Sunday 24 June 2018

Apple reports better-than-expected financial results

STOCK IMAGE
STOCK IMAGE

Martyn Landi

Apple beat analyst expectations in its latest round of financial results, reporting revenue of $52.6bn for the quarter.

The technology giant had been expected to hit $50bn in revenue.

The company also saw iPhone sales increase by 3pc on the same period last year, indicting a steady start for the iPhone 8, which went on sale in September.

On Friday the firm's next flagship smartphone, the iPhone X, the first iPhone with an edge-to-edge screen and facial recognition technology, goes on sale around the world.

Apple chief executive Tim Cook highlighted the growth of the company's services, which include its Apple Music streaming platform, as key successes.

"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," he said.

"With fantastic new products including iPhone 8 and iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K joining our product line up, we're looking forward to a great holiday season, and with the launch of iPhone X getting under way right now, we couldn't be more excited as we begin to deliver our vision for the future with this stunning device."

Apple sold more than 46.6 million iPhone handsets in the last quarter, up from 45.5 this time last year.

Queues are expected outside the company's retail stores on Friday as the new iPhone X is released, with industry experts predicting consumers will skip the iPhone 8 to upgrade to the X.

Press Association

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