Apple Nets $10.7 Billion Ahead of iPhone X

Apple reported a whopping $52.6 billion in revenue during the company’s fourth quarter, fuelled by the sales of 46.7 million iPhones—up 1.2 million from the same time last year despite not including sales from the new flagship iPhone X.

“We’re happy to report a very strong finish to a great fiscal 2017, with record fourth-quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for Services,” said Tim Cook, Apple’s CEO said in a release.

The company’s Q4 revenue was up 12 per cent from the same period last year, and supported earnings per share of $2.07, topping analysts estimates and up 24 per cent. The iPhone proved to be Apple’s bread and butter, topping the 10.3 million iPads sold and 5.4 million Macs.

On an earnings call, Cook didn’t expand on how much of the $28.9 billion in iPhone sales was due to the company’s newest mobile offerings, the iPhone 8 and iPhone 8 Plus.

Apple is looking at a huge first quarter for 2018 following the holiday season, predicting $84 billion in sales.

“With fantastic new products including iPhone 8 and iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K joining our product lineup, we’re looking forward to a great holiday season, and with the launch of iPhone X getting underway right now, we couldn’t be more excited as we begin to deliver our vision for the future with this stunning device,” Cook added.

Apple’s net earnings for Q4 were $10.7 billion, notching profit up $1.7 billion year-over-year.