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Apple just reported a record holiday quarter—but iPhone sales fell

Apple just reported a record holiday quarter—but iPhone sales fell
[Photo: chris-mueller/iStock]

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.
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