Apple reports record $20 bn profit, iPhone X sales 'better than expected'

Apple's revenue in the final three months of last year increased 13 per cent to $88.3 billion

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Apple today reported a $20 billion profit in a record-setting quarter and said sales of its newest iPhone X smartphone were better than expected.

Revenue in the final three months of last year increased 13 per cent to $88.3 billion, according to the California- based technology giant.

"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," said Apple chief executive Tim Cook.

"iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November."

However, Apple reported that overall iPhone sales in the quarter 77.3 million from were about a million fewer than the same period a year earlier.

But iPhone revenues rose 13 per cent from a year ago, suggesting its newer models were gaining traction.

The earnings come amid concerns over weak demand for the newest and most expensive iPhone X, the 10th anniversary edition of the iconic smartphone.

Apple also forecast that revenue in the current quarter would be between $60 billion and $62 billion in an outlook less rosy than analysts had expected.

Apple shares dipped and then rose two percent to $171.08 in after-market trades that followed release of the earnings figures.

Click Here To Read : Iphone X Sales

Apple iPhone X to go on sale in India today: Check out the best deals

In India, the iPhone X base model with 64 GB storage is priced at Rs 89,000 and the higher storage model with 256 GB internal storage is priced at Rs 1,02,000

Apple’s anniversary edition Apple iPhone X is going on sale in India today. The smartphone will be available through Apple'sretail stores and e-commerce platforms. Also, the phone will be available on the online stores of Bharti Airtel and Reliance Jio.

In India, the iPhone X base model with 64 GB storage is priced at Rs 89,000 and the higher storage model with 256 GB internal storage is priced at Rs 1,02,000.

Here are some of the deals on iPhone X

Reliance Jio

Reliance Jio has teamed up with Apple to offer 70 per cent buyback option to Jio customers on iPhone X. Also, Reliance Jio is offering Rs 10,000 cashback to Citibank customers on purchase of the iPhone X using their Citibank credit or debit card.

The buyback offer on iPhone X is valid only for Jio subscribers who opt for Rs 799 monthly Jio-Apple contract, which is valid for 12 months. The buyback offer assures 70 per cent money back to subscribers post 12-months subjected to terms and conditions.

The Rs 799 monthly contract is available for postpaid and prepaid subscribers. In the Rs 799 monthly plan, Reliance Jio will offer free voice calls, SMS and Jio apps coupled with 3 GB high-speed 4G data per day valid for 28 days.

Airtel

India’s leading telecom player Bharti Airtel would sell Apple’s anniversary edition iPhone X through its online store. The much-awaited smartphone of the year will go on sale starting 6 PM (IST), exclusively to Airtel postpaid customers as an unlocked device. Read More

Also Read:

The iPhone selling better than ever? Cook says Apple doubled its revenues from India

Apple delivers higher profit as iPhone X launches on Friday

App developer access to iPhone X face data spooks some privacy experts

Will iPhone X hurt iPhone 8 and 8 Plus sale? Here's what experts say

Apple unveiled both iPhone X and iPhone 8 models, with the "super-premium" iPhone X starting at $999

As Apple gets ready to ship iPhone 8 and 8 Plus before it opens iPhone X for pre-orders, a top analyst with Taiwanese business group KGI Securities has warned that iPhone X will cannibalise iPhone 8 orders.

According to Ming-Chi Kuo, the most famous analyst with KGI Securities when it comes to Apple, it is very likely that iPhone X demand will cannibalise iPhone 8 pre-orders.

"While it takes three to six weeks or more to ship new iPhone models after they are available for preorder, they see the iPhone 8 taking less than one to two weeks. This is due to the iPhone X cannibalisation," StreetInsider.com quoted the analyst as saying late on Monday.

Apple unveiled both iPhone X and iPhone 8 models, with the "super-premium" iPhone X starting at $999.

Ming, however, said the new Apple Watch Series 3's (GPS + Cellular version) could be a runaway hit.

"We estimate the preorder weighting of the GPS + Cellular version is 80-90 per cent. While not available in all countries, most users have pre-ordered the GPS + Cellular version because it offers phone and internet access functions without an iPhone and given the low premium of $70 over the GPS version," the analyst predicted. Read More

The Apple iPhone X vs iPhone 8: What are the big differences?

As the dust settles, it's time for a comparison of the new iPhones' key features, from size and screen to biometrics and battery

If you follow Apple, you know by now that the company just made its biggest phone announcement in years. There’s the iPhone 8, a pretty update to the line that began with the iPhone 6 in 2014. Then there is the iPhone X, a major overhaul that Apple Chief Executive Tim Cook called “the future of the smartphone.”

Let’s go over the major differences: