Apple Records Highest Ever Profits Despite Fall in iPhone Sales

Apple Records Highest Ever Profits Despite Fall in iPhone Sales

Apple reported record profit for the last three months despite fall in iPhone sales over the Christmas period in 2017.

Apple reported revenue of U$ 88.3bn in its latest quarterly financial results, from US$ 78.4bn during the same period in 2018.

The results also revealed a record quarterly profit of US$ 20.1bn, despite sales figures announced revealing a drop in iPhone sales on the same period last year.

According to the report, Apple sold 77.3 million iPhone devices in the final three months of 2017, down on the 78.3 million sold in the same period in 2016.

iPhone X launch in November 2017, marked the 10-year anniversary of the iPhone and featured its first all-screen front panel and facial recognition technology.

The iPhone X is the most expensive iPhone Apple has made, and although the company noted a dip in sales, the higher price led to increased profits. Apple chief executive 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. 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.”

iPad sales increased by one percent, however, sales of Mac computers dropped by five percent. The company’s upcoming product, the intelligent home music speaker HomePod.

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