Apple earnings surge as it beats Wall Street forecasts

Samsung Note 8

For the company's fiscal fourth quarter, which ended September 30, Apple reported earnings of $2.07 a share on revenue of $52.6 billion.

Apple announced two new phones in September: the iPhone X and the more affordable iPhone 8.

With less than 24 hours left for the arrival of Apple's "super Premium" iPhone X in India amid heavy pre-booking, Apple premium resellers on Thursday were yet to receive the stocks to begin delivering the Rs 89,000 device (starting price for 64GB variant) to those who pre-booked it.

The new phone, which goes on sale around the world on Friday, drew a line of about 350 people outside Apple's store in Sydney, Australia shortly after the company released its results.

"I've got goosebumps - it's another great quarter, tremendous momentum and we've got the iPhone X to look forward to", Hank Smith, chief investment officer at Haverford Trust, which owns Apple shares, said in a Bloomberg Television interview. Updated MacBook Pro models helped move 5.3 million Macs, up 10 percent from a year ago. Revenues were up 12 per cent to US$52.6 billion.




Apple's upbeat results suggest the company is on track to deliver the biggest profit ever recorded by a United States company in the next quarter, which included the all-important holiday shopping season and the release of its latest iPhone.

Making the iPhone X is proving to be a challenge because it boasts a colour-popping OLED screen, which isn't as readily available as standard LCD displays in other iPhone models. That's creating more stable demand for the iPhone X even amid manufacturing problems.

Apple also forecast a gross profit margin of 38% to 38.5% for the holiday quarter.

Production problems have marred the release of iPhone X but the company is still forecasting revenues of between $84bn and $87bn for the next quarter compared with $78.4bn for the same period previous year. Analysts on average were expecting $84.18 billion, according to Thomson Reuters I/B/E/S. But this year it took the unusual step of a staggered launch, releasing the iPhone 8 - essentially an incremental advance over the iPhone 7 - several weeks earlier than the iPhone X. If only we'd get Apple Watch or Apple TV sales numbers.

Nearly two-thirds of Apple's sales, 62 percent, came from worldwide sales. The company sold 74.8 million iPhones in the year ago holiday quarter. By comparison, Apple shipped almost 217 million iPhones in its just-completed fiscal 2017.

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