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The iPhone X is still a top seller, says Apple in solid Q2 earnings

The iPhone X is still a top seller, says Apple in solid Q2 earnings
[Photo: Tyler Lastovich/Pexels]

Analysts have been worrying in recent weeks about weak sales of the iPhone X (and maybe iPhones in general) after the holidays. Well, Apple reported results for its January-through-March quarter today, and pointed out that the iPhone X remained its best-selling phone throughout the first three months of 2018.

The company narrowly exceeded analysts’ expectations for revenues, but only after it guided down its own revenue expectations a few months ago. It came very close to expectations for iPhone unit sales, but only after analysts had adjusted down their unit sales expectations.

Here are the top lines:

  • Reported revenue of $61.1 billion in the quarter. (Apple guided between $60 billion and $62 billion; analysts expected $60.8 billion.) That’s 30% more than in the March quarter last year, and the highest March-quarter revenue number in Apple history.
  • Sold 52.2 million iPhones during the quarter (analysts had expected sales of 52 million).
  • Approved a new $100 billion share repurchase plan, and a 16% increase in its quarterly dividend.
  • Forecast the June quarter‘s revenue at between $51.5 billion and $53.5 billion. Thomson Reuters analysts expect $51.6 billion.
  • Sold 9.1 million iPads, and 4.07 million Macs

More to come after the earnings call at 2 p.m. Pacific Time.

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