Apple reported record earnings per share and revenue this afternoon, but the company missed on iPhone sales, an important metric. Here are the top lines:
- iPhone sales were down year-over-year. Apple sold 77.3 million iPhones (vs. analyst estimates of 80 million). That’s down by a million phones compared to the 2016 holiday quarter. (However, Apple points out that the quarter contained only 13 weeks of sales versus 14 in the year ago quarter.)
- The iPhone X sold well, however. “iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November,” said Apple CEO Tim Cook.
- $3.89 earnings per share on revenues of $88.3 billion (vs. analyst expectations of $3.86 EPS on revenues of $87 billion). The EPS is up 16% from last year’s holiday quarter, while revenues are up 13%.
- The Services business was up year-over-year but retracted slightly from the previous quarter.
- iPad sales rose slightly year-over-year to 13.1 million.
- International sales accounted for 65% of the quarter’s revenue.
- China sales are up—to $18 billion from $16.2 billion last year.