Tuesday, 21 November, 2017

For Apple, iPhone X times $999 = Many, many billions

Huge crowds gather outside Apple store in Orchard Road ahead of iPhone X launch 5 new features worth checking out on iOS 11
Derrick Tucker | 03 November, 2017, 00:52

Unit sales were up only 3 percent from a year ago, with 46.7 million iPhones sold this quarter compared to 45.5 million in the year-ago quarter.

Services and software continue to burn brightly in Apple's universe, bringing in a record $8.5 billion last quarter, and outshining last year's revenues by an incandescent 34 percent.

The company's net income rose to $10.71 billion, or $2.07 per share, in the quarter, from $9.01 billion, or $1.67 per share, a year earlier.

Analysts expected earnings of $1.87 per share and revenue of $50.7 billion, according to FactSet.

Apple on Thursday reported profits rose on the back of strong iPhone sales in the past quarter, with the United States tech giant set to begin selling its newest flagship handset seen as a key to its future. The real question is: Can Apple fulfill demand, or will sales be hampered by previously-reported supply chain issues?

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Apple opened pre-orders for the iPhone X on October 27 and has said demand has been "off the charts", although some analysts have been anxious about supply chain issues that might prevent Apple making enough phones to satisfy demand. Analysts surveyed by Zacks had expected revenue of $83.31 billion. If the stock nears that level on Friday, the company will reach a market value of $900 billion.

Apple has invested heavily in greater China - historically its third-largest market behind the Americas and Europe - and has a nascent customer base in India. The 8 went on sale at the very end of the most recent quarter.

The organic light-emitting diode technology used in iPhone X screens is now sourced from just one supplier, Samsung Display Co., while the array of components used to make the three-dimensional sensor have never previously been manufactured in the quantities required for the iPhone X, and suppliers have struggled to ramp up production effectively.

Telsyte managing director Foad Fadaghi said demand for Apple's premium smartphone would rise even after its launch as buyers who held out to see the handset made up their minds, and Australia's iPhone 6 and 6S users jumped on the chance to upgrade.

Apple for years has sought to make the release of its new phones a landmark event. This is mostly due to the upcoming sales of the iPhone X, HomePod, and others. Worldwide sales accounted for 62 percent of the quarter's revenue. Shoppers, advertisers and businesses are more active online and a lot of that is happening on Apple iPhones, iPads and Mac computers. Apple's research and development spending climbed 17% in the three months through September to $3 billion.

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