Apple earnings surge as it beats Wall Street forecasts

03 November, 2017, 00:14 | Author: Alicia Barber
  • Samsung Note 8

IPhone sales were once again top of mind when Apple released the earnings report for its fiscal fourth quarter Thursday, and the company didn't disappoint investors: Apple sold 46.7 million iPhones during its most recent quarter, which is 1.2 million more than during the same time past year.

"Based on the 5-6 week wait time for an iPhone X, we estimate that there were 9-12 million iPhone X total preorders over the last three days due to iPhone X's current production ramp schedule". Shares, which closed at $168.11 per share, were up almost 3 percent after the report. Analysts surveyed by Zacks had expected revenue of $83.31 billion.

In the year-ago quarter (Q4 2016), Apple earned $46.9 billion in revenue.

According to the reports, Where the primary requirement for iPhone X has been the title of extremely consideration and the announcement of the iPhone 8 had been satisfied with shorter than the magnificent sale.

But investors will also be looking for color on the iPhone X, Apple's most expensive iPhone, during the company's earnings call.

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On Thursday, Apple predicted revenue for this quarter from $84 billion to $87 billion.

The redesigned Apple iPhone X gets rid of the Home button and adds a 3D face scanner. The combo of new iPad Pro models alongside the low-priced but excellent standard iPad led to 10.3 million tablets sold for Apple, up 11 percent year-over-year. On the plus side, you're unlikely to run out of storage any time soon and your odds of getting hold of a handset will be better: most customers avoid the highest capacity model to save a few bucks.

The company also did not say whether it had concerns about building enough iPhone X units to satisfy demand; many analysts have said they've already factored likely delays that could stretch well into 2018 into their forecasts.

Still, with a little reading between the lines, Apple's fiscal fourth-quarter performance may hint at whether consumers are waiting on the new phone to splurge during the all-important holiday season. "We sold more iPhones than we expected", he said.

Apple has just published its financial results for Q4 2017. That equals earnings of $10.7 billion, or $2.07 per share, beating the anticipated $1.87.

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