Apple sees profits rise despite slump in iPhone sales
Friday, 2 February 2018
Apple sold slightly fewer iPhones in the final three months of 2017 than it did the year before, but higher prices compensated for the dip.
The firm reported a record $20 billion in quarterly profits, driven by strong growth in Japan and Europe.
The results were the first official glimpse of sales figures for Apple's expensive iPhone X, according to a BBC report Friday.
Chief executive Tim Cook said demand for the product, which starts at about $1,000, had surpassed expectations.
Quarterly sales at the firm climbed by 13 per cent year-on-year to a record $88.3 billion.
After an initial fall, Apple shares climbed more than 3 per cent in after-hours trade.
Apple released the iPhone X in November, coinciding with the 10th anniversary of the device.
And while the overall number of iPhones sold in the period slipped by 1 per cent year-on-year to 77.3 million, the iPhone X had been the top-selling Apple handset every week since its launch, Mr Cook said.
However the tech giant also issued a weaker-than-expected sales forecast for coming months, which appears to reinforce investor concerns that demand for Apple products may be dimming.