Apple reports 5.8pc rise in profits ahead of iPhone X sales

Apple reports 5.8pc rise in profits ahead of iPhone X sales

Friday November 03, 2017,

2 min Read

As sales of the new iPhone X started in Asia and Australia on Friday, Apple has reported 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 device, which will hit the stores on Friday in 55 countries, including India, will boost its year-end profits.

Apple's new smartphone, celebrating the iPhone's tenth anniversary, is the tech giant's biggest asset for the upcoming holiday season, a period of usually good news for sales of the company, Efe news reported.

The company 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.

"We're happy to report a very strong finish to a great fiscal 2017," Apple CEO Tim Cook was quoted as saying.

The Apple CEO also expressed 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 twelve 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 twelve months was $61.3 billion, slightly more than the $60 billion recorded in 2016.

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, the agency reported.

Due to the high demand and its complicated manufacturing process, which caused delays in its production, delivery of the new iPhone X could be delayed until December in some countries.