Last week Apple announced financial results for its fiscal 2018 first quarter, which ended on December 30, 2017. A quarterly revenue of $88.3 billion was an increase of 13 percent year on year and an all-time high.
International sales accounted for 65 percent of the quarter’s revenue. Speaking about his company’s earnings, CEO Tim Cook 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.”
Another milestone the Cupertino based company hit was an active installed base of 1.3 billion devices, an increase of 30 percent in the last two years.
Cook’s quotes about the iPhone X stands in stark contrast to speculation that disappointing sales will see Apple cut production of its flagship smartphone and phase it out entirely when its 2018 flagship arrives.
Nevertheless, Apple investors will be happy as a reported $14.5 billion made its way back to them through the company’s capital return program, while a healthy cash flow of $28.3 billion sets a good foundation for future growth.
For more detailed information on Apple’s Q1 earnings for 2018, head to the results here.
In related news, Apple might be delaying the release of iOS 12 to get iOS 11 performance under control. Read more here.
- Source: Apple
- Main & Featured Image: Justin Sullivan / Getty Images