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Posted on May 2, 2018 by staff

Apple shrugs off iPhone X fears and enjoys strong quarter

Apple shrugs off iPhone X fears and enjoys strong quarter

Apple's iPhone X
Apple’s iPhone X

Apple boss Tim Cook has hailed the company’s “best March quarter ever” as revenues soared to more than $61bn.

The tech giant posted turnover of $61.1bn (£44.9 billion) for the three-month period to the end of March, an increase of 16 per cent from a year earlier.

International sales accounted for 65 per cent of the revenue.

Net income was also up to $13.8bn (£10.1 billion), compared with $11bn (£8bn) in the same period of 2017.

Despite the iPhone X’s controversial price tag, and recent predictions by market analysts that the model is likely to be discontinued this year, Cook said the phone was more popular than ever.

“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables,” he said.

“Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter.”

Apple sold 52.2 million iPhones during the quarter, an expected fall from the 77.3 million sold in the first three months of the year but an increase from the 50.76 million sold in the second quarter of 2017.

Thanks to its strong results, the company has hiked up its quarterly dividend to shareholders by 16 per cent and announced a new $100bn share repurchase authorisation.

Apple currently enjoys a market capitalisation of almost $889.9bn. If it were a country, it would be among the world’s 20 largest economies.