Reflecting the launch of the iPhone X, 8 and 8 Plus, Apple reported record financial performance for the company's first fiscal quarter of 2018, ending 30 December 2017. Revenue was $88.3 billion, 13 percent above the prior year's quarter and a 68 percent jump from the prior quarter. Operating income, net income and earnings per share also set records.
The company sold 77.3 million iPhones during the quarter, which was not a record compared to 78.3 million shipped during the prior year's quarter. While a 1.2 percent decline, Apple noted that last year's quarter comprised 14 weeks, compared to this year's "normal" 13 weeks. On a per week basis, the quarter's iPhone shipments were 6 percent above last year's quarter.
The average selling price of the iPhone jumped $101, from $695 in last year's quarter to $796, reflecting the higher price of the iPhone X.
Apple's CEO, Tim Cook, said "iPhone X was the best-selling smartphone in the world in the December quarter, according to Canalys, and it has been our top-selling phone every week since it launched. iPhone 8 and iPhone 8 Plus rounded out the top three iPhones in the quarter."
Apple expects revenue for the second quarter, ending in March, to be between $60 billion and $62 billion. While a 31 percent sequential decline, the revenue at the midpoint represents 15 percent year-over-year growth.