Apple Posts Q1 2018 Results: $88.3 Billion in Revenue »

Apple just posted its largest quarter ever, booking $88.3 in revenue:

“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 Tim Cook, Apple’s CEO. “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.”

The company slightly exceeded its revenue guidance for the quarter.

That said, the iPhone shrank slightly year over year, missing Apple’s targets for the quarter. Of course, the year-ago quarter was an extra week in length, so keep that in mind when seeing these numbers. Apple says its revenue-per-week is higher than it was a year ago.

However, iPhone revenue is up, probably due to the iPhone X’s higher price, as Jason Snell pointed out on Twitter:

Revenue from services was up year over year, but flat from the previous quarter. The Mac was down, but the iPad was up a touch over last year.

The big winner here is “Other Products,” which includes things like the Apple Watch, Apple TV and Apple’s various audio products like AirPods and Beats. Clearly people picked up a lot of these devices for gifts.

Apple has reached 1.3 billion active devices as of January, which is an increase of 30% in 2 years.

For next quarter, Apple is projecting between $60 and $62 billion in revenue, which is a big jump over Q2 2017, which clocked in at $52.9 billion.

Some tidbits from the call:

  • Cook noted that Apple Pay is now accepted at over half of all retail locations in the United States.
  • For the fourth quarter in a row, the Apple Watch has seen 50% growth. The Series 3 is selling twice as fast as the Series 2 was a year ago.
  • Third consecutive quarter of growth for iPad revenue, with big gains with first-time tablet buyers.
  • The iMac Pro is off to a strong start, and 60% of Mac purchase were to switchers worldwide. In China, 90% of Macs were sold to first-time buyers.
  • Apple saw double-digit revenue growth in all major geographic segments.
  • Latest US research reflects 96% loyalty rate, highest ever measured.
  • The App Store set an all-time revenue record, with increases in visitors and views.
  • After the iPhone, Apple’s wearables were the second-largest contributor to revenue growth.
  • The iPad’s active install base has grown every quarter since it launched in 2010.

Here are some charts:

Revenue:

iPhone Units Sold:

iPad Units Sold:

Mac Units Sold:

Revenue From ‘Other Products:’

Services Revenue: