Apple sees profit despite fewer iPhones sold

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Apple has announced profit despite fewer iPhones sold

Tech giant Apple reported £14 billion profit in its first quarter 2018 results with higher prices for devices offsetting for the dip in fewer iPhones being sold.

The company reported that the overall number of iPhones sold in the period slipped by 1% year-on-year to 77.3 million, meanwhile, the company’s revenue has been driven by growth in Japan and Europe.

The results show sales figures for Apple’s £1,000 iPhone X, chief executive Tim Cook said demand for the product had surpassed expectations: “We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November.

“We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That’s an increase of 30 percent in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers.”

However, the company also issued a weaker-than-expected sales forecast for coming months.

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