Releasing financial results for the second quarter of fiscal 2018, which ended March 31, Apple said it shipped 52.2 million iPhones, 2.9 percent more than the prior year’s quarter, although down 32 percent sequentially, reflecting post-holiday seasonality.

Tim Cook, Apple’s CEO, said the iPhone gained market share during the quarter, according to market research firm IDC, and the iPhone X was the top selling smartphone in China. Overall, the iPhone X sold more than any iPhone model each week during Q2, continuing the trend since the iPhone X was launched.

iPhone revenue in Q2 was $38 billion, 14 percent more than the prior year’s quarter, and the average selling price grew 11 percent year-over-year to $728.

Apple reported total revenue of $61.1 billion, just above the midpoint of guidance and 16 percent above the prior year’s quarterly revenue. Earnings per share (EPS) was $2.73, up 30 percent from the prior year’s quarter.

iPhone sales contributed 62 percent of Apple’s revenue. The company’s services and wearables segments were strong, growing 31 percent and almost 50 percent, respectively. iPad revenue grew 5.8 percent year-over-year, and Mac revenue was essentially flat, with shipments declining almost 3 percent.

Asked whether the smartphone market is saturating, Cook said 500 million feature phones were sold in 2017, which is a tremendous opportunity for smartphones.

“Over time, every phone sold will be a smartphone,” he said. “I don’t buy the view that market is saturated… I think the smartphone market is sort of like the best market for a consumer product company in the hstory of the world.”