Apple iPhone Sales Down, Reports Record Quarter

Apple delivered record revenue and profit in its first quarter earnings on Thursday, but sales of the iPhone, the company's most important product, declined year-over-year. This is also an all-time record along with the quarterly earnings per diluted share of $3.89, up 16 per cent.

Apple's chief financial officer Luca Maestri said while Mac sales went up by 2% globally during the October-December quarter as compared to same period last fiscal, the growth was stronger in emerging markets like India.

Apple said revenue rose 13 percent to US$88.29 billion in the three months to Dec. 30, while profit rose 12 percent to US$20.07 billion.

During a call with investors, Cook also pointed out that the most recent quarter was one week shorter than the same period last year, accounting for the decline in iPhone sales.

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Apple shares closed 0.21% higher at $167.78, in the US Friday. The record results were driven primarily by a double-digit percentage increase in iPhone revenue. IPad sales of $5.9 billion was up 21 percent sequentially and 6 percent year over year. Thanks to the £1,000/$1,000 iPhone X, Apple earned more money than ever from its smartphone range.

From looking at the increased revenue, it's obvious that the iPhone X has been a success. We thought that Apple would be a bit more conservative with its ability to access cash, as they have had a historically conservative capital structure.

That capped a flurry of reports indicating that Apple was cutting orders to suppliers and that consumers were holding off buying iPhones, especially in China, where rivals are undercutting Apple on price.

This however had little effect on the overall revenues, since this year, the average selling price (ASP) of the new iPhones are higher than ever before. Apple initially planned to make 40 million devices. The company's various software and entertainment offerings brought in $8.5 billion, up 18% from a year ago. This is quite the increase from $694 in Q1 2017.

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