Apple Q2 2018 Earnings: iPhone X Helps Apple Post $61.1 Billion Revenue For The Best March Quarter Ever
Apple today opened up its books for its Q2 2018 earnings call and as has become the norm for these things it is again clear that Apple very much knows how to make money.
Today’s numbers show Q2 2018 as boasting revenue of $61.1 billion, an increase of 16% on the same period a year ago. That number is made up of 9.1 million iPads, 52.2 million iPhones, and 4.1 million Macs which were all sold through Apple’s retail channels during the quarter.
Of particular note here is the fact that Apple CEO Tim Cook took the opportunity to point out that the iPhone X proved the most popular iPhone during the period being reported today, despite numerous analysts and reports over the past few weeks saying that the current flagship iPhone is not selling as well as was anticipated, leading to a reduced order for the parts that make up the handset.
“We’re thrilled to report our best March quarter ever, with strong revenue growth in iPhone, Services and Wearables,” said Tim Cook, Apple’s CEO. “Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter. We also grew revenue in all of our geographic segments, with over 20% growth in Greater China and Japan.”
Leading up to today’s call it had been suggested that Wall Street was expecting less than stellar results to come out of Apple, with Seeking Alpha reporting that GBH Analyst Daniel Ives suggested there was “full panic” among those watching Apple’s progress.
“Heading into Apple’s much anticipated March (FY2Q18) quarter next week the Street has gone into ‘full panic mode’ as supply chain checks out of Asia indicate that June iPhone shipments are trending well below expectations.”
We now know that Apple’s numbers are its best for a quarter ending March 2018, with last year’s numbers showing that Apple earned $52.9 billion in revenue. Those numbers were made up of sales covering 50.8 million iPhones, 8.9 million iPads, and 4.2 million Macs. Comparing those with today’s numbers it’s clear that the iPad and iPhone in particular are continuing to sell well when compared to the same quarter in 2017, with the Mac selling essentially the same volume as last year.