LOS ANGELES – As sales of its new iPhone X started in Asia and Australia on Friday, Apple Inc. reports an annual profit rise of 5.8 percent in 2017 to $48.3 billion.
The company hoped that the long-awaited launch of its new iPhone X, which will hit stores on Friday in 55 countries, will boost its year-end profits.
Apple’s new smartphone, celebrating the iPhone’s 10th anniversary, is the technological giant’s biggest asset for the upcoming holiday season, a period of usually good news for sales of the company.
Therefore, Apple expects revenues for the first quarter of its 2018 fiscal year to reach between $84 billion and $87 billion, an estimate that, if fulfilled, would exceed the $78.3 billion registered in the same quarter of 2017, which set the company’s historical record high sales profits.
“We’re happy to report a very strong finish to a great fiscal 2017,” Apple CEO Tim Cook said in a press conference on Thursday.
The Apple CEO also expressed his confidence in the imminent launch of the iPhone X, saying “we could not be more excited as we begin to deliver our vision for the future with this stunning device.”
The company’s revenues in the last 12 months grew by 6.3 percent to $229 billion, compared to $215 billion registered in 2016.
In addition, Apple’s operating profit in the last 12 months was $61.3 billion, slightly more than the $60.0 billion recorded in 2016.
On Friday, iPhone fans in Australia and Japan had to wait in long lines in front of Apple stores to get their hands on the much anticipated device.
Among its new features, the iPhone X is known for a wider touch screen that extends to the edges of the phone, a face-recognition system and the absence of iPhone’s traditional start button.
On Friday, there will be a limited number of iPhone X in Apple stores, available only for those willing to wait in hours-long queues. Due to high demand and its complicating manufacturing process, which already caused delays in its production, delivery of the new iPhone X could be delayed until December in some countries.