Buoyed by iPhone sales in the holiday season, Apple posted a record revenue of $88.3 billion — a 13 per cent increase from a year-ago — for the first quarter of fiscal 2018 that ended on December 30. According to the company, it now has 1.3 billion active installed base of devices globally. Also Read - Apple co-founder Steve Jobs' job application sold for over Rs 2.5 crore
Apple’s earnings per share rose 16 percent to $3.89 which is also a record. International sales accounted for 65 percent of the quarter’s revenue. “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,” Apple CEO Tim Cook said in a statement late on Thursday. Also Read - Apple iOS 15, iPadOS 15 beta 4 released: What’s new, how to download
“iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November,” Cook added, allaying reports that iPhone X has not done well since its launch. Apple’s cash reserves reached $285.1 billion in the quarter. Also Read - Apple shines in June quarter, posts record sales for iPhones, Macs and iPads
“Thanks to great operational and business performance, we achieved all-time record profitability during the quarter, with EPS up 16 percent,” said Luca Maestri, Apple’s CFO. “Cash flow from operations was very strong at $28.3 billion, and we returned $14.5 billion to investors through our capital return programme,” Maestri added.
For its fiscal 2018 second quarter, Apple forecasts revenue between $60 billion and $62 billion. Apple sold 77.3 million iPhones in the holiday quarter. “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,” Cook said.