Apple posts all-time revenue record of $88.3 billion for its Q1 FY18

Sales of its iPhones drop, but revenues from the sales grow

Apple posts all-time revenue record of $88.3 billion for its Q1 FY18

Apple has released its financials for its Q1 FY18 for the three months ending December 31st 2017.

The company posted revenues of $88.3 billion for the quarter, up 13% year-on-year and an all-time quarterly revenue record for Apple. Profits also rose to $20.1 billion, up 12.2% year-on-year.

Apple's iPhones continued to be its biggest sellers, shipping over 77 million units in Q1. This is down 1% year-on-year, though the higher cost of its devices saw revenues increase 13% year-on-year.

Record quarter

"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," said Apple CEO Tim Cook.

"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."

It's not just Apple that is generating huge sums of cash from its products. Developers on the App Store earned $26.5 billion in 2017, a 30% increase on money earned in 2016.


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