NEW YORK – Tech giant Apple Inc. earned $20.06 billion in net profits in the first quarter of the 2018 fiscal year, up 12 percent compared to the same quarter of the previous year, according to an Apple statement on Thursday.
The company also reaped $88.29 billion in revenues, of which $61.57 billion, approximately two-thirds, came from the different iPhone models, up 13 percent.
Apple’s net profit per share was $3.89, compared to the $3.36 recorded in the last quarter of 2016.
The result was above analysts’ expectations and technology bonds advanced by almost 1 percent in after market trade.
According to Apple the various iPhones continue to be the main contribution to its high revenues.
Although only 77.31 million units were sold in the first quarter of 2018, which was almost 1 million less than the sales recorded in the same quarter of the previous year, its profits increased 13 percent to $61.5 billion thanks to the price of the iPhone X.
In a conference call with the company’s investors, Apple CEO Tim Cook Thursday thanked his flagship iPhone X for the “stellar” quarter in which the tech giant broke its profit records despite selling fewer iPhones.
“Since we launched it in early November, for every week thereafter, including the weeks in January, it was the top-selling iPhone,” said Cook, who added this has been the “best quarter ever in the history of the company.”
The iPhone X, which sells in the US at the starting price of $1,000, has topped the popularity charts since its launch in November thanks to its complete redesign and new features, including facial recognition, but its sales record still failed to meet analysts’ expectations.
Apple’s service products, which include digital content like AppleCare and Apple Pay, became the second biggest contribution to its revenues as it reaped over $8.47 billion, replacing Mac computers.
The sale of Mac computers decreased compared to the previous year, as well as its turnover: 5.11 million units, worth $6.895 billion, were sold in the last quarter, while the previous year recorded the sale of over 5,374 million units, worth $7.24 billion.
The iPad, however, saw a good record in 2017 as over 13.17 million units were sold, reaping a revenue of $5.86 billion, while other products such as Apple TV, Apple Watch or iPod touch earned $5.48 billion.