Apple reported record revenue and iPhone sales drop

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Apple reported record revenue and iPhone sales drop

The first quarter of 2018 financial year ended 30 December 2017. During this time the company managed to sell 77,3 million iPhone smartphones, which is 1 million lower than a year earlier. FactSet Research Systems analysts predicted that Apple would sell more iPhones — nearly 80 million. With this iPhone X has become the best selling iPhone in the history of the company.

Revenue for the first quarter of 2018 for the year increased by 13% to $88,3 billion, of which 65% were for the international sales of Apple products. Net profit for the quarter amounted to $28.2 billion. A year earlier these figures stood at $78.4 per and $23.4 billion respectively.

In a statement, Apple emphasized that the amount of revenue, which was announced Thursday, is for the company record. Apple CEO Tim cook said he believes the quarter extremely successful.

In terms of revenue Apple, on the contrary, the result exceeded analysts ‘ expectations. So, economists surveyed by Reuters thought the company would show revenue of $1 billion, less. The Verge believes that the financial success of Apple associated with high cost of its flagship smartphone iPhone X, which in many countries costs $1 thousand and above.

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