Apple shakes off worries about weak iPhone sales

Posted November 03, 2017

Apple Chief Financial Officer Luca Maestri told Reuters on Thursday the company was "quite happy" with how manufacturing of the iPhone X was progressing, noting that "production is growing every week, and that's very, very important during a ramp period".

Apple on Thursday reported profits rose on the back of strong iPhone sales in the past quarter, with the United States tech giant set to begin selling its newest flagship handset seen as a key to its future. Revenue hit $3.23 billion in the last quarter, up 36 percent year-over-year. Analysts projected $1.87 a share and sales of $50.7 billion. The Whisper number is the Street's unofficial view on earnings. Apple sold a whopping 46.7-million iPhones, up from their ever-so-slightly lower 45.5-million units sold during this same quarter one year ago. However, a lot of people queuing up outside Apple stocks leaked over the preceding various years with various customers preferring to buy online, the limited production for the iPhone 8 has noticeably been due to secondary reports.

Net income rose 19% to $10.7 billion and earnings per share climbed to $2.07, topping forecasts for $1.87.

"My friends don't mind so much if they have an iPhone 8 or a 6, for example, because it looks similar and the price (of the iPhone X) makes you feel nervous". Strong pre-order activity and long backorder times suggests that it could be in short supply this next quarter. It competes with a range of revamped Echo speakers from Amazon.com Inc. and Google's Home devices.

Instead of its usual method of sending a few products to tech reviewers and mostly letting the device speak for itself, Apple is taking a decidedly different approach with the iPhone X, sending the new phone out to a wide swath of publications and angering some of the dedicated tech bloggers. Sales in Greater China also rose by 12 percent and by 5 percent in Asia Pacific.

Re-sellers and iPhone accessory makers generally agreed there was a buzz about the iPhone X, Apple's first phone to have a full-screen display and functions such as facial recognition security.

The iPhone 8 and iPhone 8 Plus went on sale in October, boasting improvements to the camera and the addition of wireless charging. That may have pushed more sales into the holiday quarter.

The innovation may prove an important step on the path to Apple's potential next big product, smart glasses, for which CEO Cook has created a dedicated team.