Apple records highest EVER profits despite iPhone X sales falling short
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Apple has revealed its financial results from the last three months, and the firm’s revenues and profits are the highest they’ve ever been.
In the last three months of 2017, Apple reported revenue of $88.3 billion (£62 billion).
This is an increase of 13 per cent from the same quarter in 2016, and an all-time record.
Apple also had a record quarterly profit of $20.1 billion (£14 billion), despite sales of the iPhone X falling short of estimates.
While Apple sold 78.3 million iPhones in the last quarter of 2016, the firm sold just 77.3 million devices in the final three months of 2017.
Thankfully for Apple, the iPhone X’s higher price tag of £999 helped the firm to make increased profits, despite selling fewer devices.
Tim Cook , CEO of Apple said: “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.
“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.”