Apple reports earnings after the bell

Google Pixel 2

Huge crowds gather outside Apple store in Orchard Road ahead of iPhone X launch

However, the situation is expected to be even worse with the iPhone X due to the number of pre-orders taken by Apple and Aussie telcos as well as a smaller shipment of units. But retailers and analysts had reporter slower than usual sales for a new iPhone model, which many attributed to the fact that Apple has a new, more premium model, of the iPhone set to hit stores Friday. It's the smallest revenue category for Apple, so it's easier to make big percentage gains in that fashion, but it does point to strength in the company's smaller products. That's higher than it expected during the same period previous year, $76 billion and $78 billion, and slightly above analyst expectations.

But investors will also be looking for color on the iPhone X, Apple's most expensive iPhone, during the company's earnings call.

Apple exceeded all metrics, reporting it had sold 46.7 million iPhones, and made profit of $2.07 per share on revenue of $52.6 billion.

Optus product managing director Ben White also warned "we expect our initial iPhone X stock to sell out very quickly" as supplies were "limited".

The redesigned Apple iPhone X gets rid of the Home button and adds a 3D face scanner. Most analysts are predicting Apple won't be able to catch up with demand until early next year.

The company sold 46.7m iPhones, beating analysts' estimates of 46.4m, according to FactSet, and generating $28.9bn in revenue, which accounted for more than half of the company's total revenue. On the plus side, you're unlikely to run out of storage any time soon and your odds of getting hold of a handset will be better: most customers avoid the highest capacity model to save a few bucks.

Analysts believe Apple can pull off the juggling act. In a quarter that's typically the calm before the holiday storm, Apple has to be happy with these results. This was Apple's fiscal 2017 fourth quarter white ended September 30, 2017. By comparison, Apple shipped almost 217 million iPhones in its just-completed fiscal 2017.

The 10-year anniversary iPhone will help push sales to a record high of $84 billion to $87 billion in the quarter ending in late December, Apple said in a statement.

Latest News