Apple earnings surge as it beats Wall Street forecasts

Alan Olson
November 3, 2017

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Apple shook off production problems with its latest iPhone on Thursday to report a 19% rise in profits and record pre-sales of iPhone X, the day before its release.

Apple on Thursday reported profits rose on the back of strong iPhone sales in the past quarter, with the USA tech giant set to begin selling its newest flagship handset seen as a key to its future. It had its best quarter ever, Apple said, with $8.5 billion in revenues, up 34% from the year-ago quarter. The Whisper number is the Street's unofficial view on earnings.

Investors are keen to gauge Chinese demand for the iPhone X, as it is key to reviving Apple's fortunes in the world's biggest smartphone market where it has lost some of its sparkle - and market share - as local phone makers have advanced. Analysts surveyed by Zacks had expected revenue of $83.31 billion.

In the fourth quarter, Apple's revenue rose 12 per cent to $52.6bn (£40.3bn) while the company's net income increased to $10.7bn, or $2.07 per share, in the quarter, from $9bn or $1.67 per share, the previous year. Apple has been flirting with a trillion-dollar valuation, and had a value of $868 billion at market close.

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Analysts were looking for guidance from Apple that mirrors the questions playing out in many Apple fans' minds across the country: iPhone X or iPhone 8? The company is also set to sell the HomePod, a Siri-powered speaker to answer both Amazon's Echo line and Google's Home speakers.

The organic light-emitting diode technology used in iPhone X screens is now sourced from just one supplier, Samsung Display Co., while the array of components used to make the three-dimensional sensor have never previously been manufactured in the quantities required for the iPhone X, and suppliers have struggled to ramp up production effectively. The iPhone 8 went on sale a week before the end of the September quarter, and contributed to fiscal fourth-quarter results.

"What Apple needs to do is manage consumer expectations so they don't get frustrated having to wait for so long for a new phone", Ives said.

iPhone sales make up about half of the revenue the company brings in (because duh, they're amazing).

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.

Other reports by GlobalViralNews

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