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Apple’s Q1 2018: 77.3 million iPhones, $88 billion revenue

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Tim Cook Billionth iPhone

Apple has had an all-time record quarter this fiscal year. The company posted quarterly results on Thursday, following the ending of its fiscal 2018 first quarter on December 30, 2017.

Apple has generated $88.3 billion in revenue, 13 percent increment from the same quarter last year. While the revenue figures are at an all-time high in the company’s history, sales figures have not been able to impress all investors at all.

Apple sold 77.3 million iPhone units last quarter, which is 1 percent down from the year-ago quarter, while iPad sales were at 13.17 million. Even Mac sales were down 5 percent with 5.112 million units sold.

“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,” said Tim Cook, Apple’s CEO.

“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.”

Apple is providing the following guidance for its fiscal 2018 second quarter:

  • revenue between $60 billion and $62 billion
  • gross margin between 38 percent and 38.5 percent
  • operating expenses between $7.6 billion and $7.7 billion
  • other income/(expense) of $300 million
  • tax rate of approximately 15 percent

Wall Street was hopeful about Apple shipping 80 million iPhone units or more, however, Apple managed to bring home a lot of cash in the holidays. All this would not have been possible without iPhone X’s price tag, as you know. International sales accounted for 65 percent of the quarter’s revenue.

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