“Apple Inc. on Thursday reported better-than-expected earnings and offered a rosy forecast for the holiday shopping season, allaying investor concerns about production delays on the new iPhone X and demonstrating remarkable strength across its growing line of products and services,” Stephen Nellis reports for Reuters.
“The stellar earnings report came just as the iPhone X went on sale Friday morning in Australia. Long lines were forming at Apple stores around the world, recalling the consumer frenzy that greeted early versions of the iPhone,” Nellis reports. “With supplies potentially tight, some Australian purchasers were already planning to sell their phones for as much as A$3,000, nearly double the A$1,579 selling price.”
“The earnings demonstrate how Apple is able to drive growth across an ever-expanding product line that now includes five different iPhone models along with the iPad, the Mac, the Apple Watch and a suite of fast-growing services offerings,” Nellis reports. “Chief Financial Officer Luca Maestri told Reuters the company was ‘quite happy’ with how manufacturing of the iPhone X was progressing. Analysts have been eager to see whether Apple can meet demand for the iPhone X during the crucial holiday quarter, with most saying it will likely take it until next year or early spring to do so. ‘Where the demand curve and supply curve are going to intersect, we do not know. It does not have a predecessor product,’ Maestri [said].”
Read more in the full article here.
MacDailyNews Take: For the current holiday quarter, at least, the exact quotes from the conference call don’t exactly back Reuters‘ “smooth sailing” headline.
The ramp for iPhone X is going well, especially considering that iPhone X is the most advanced iPhone we’ve ever created and it has lots of new technologies in it. And so we’re really happy that we were able to increase week by week what we’re outputting and we’re going to get as many of them as possible to the customers as soon as possible. I can’t predict, at this point, when that balance will happen. — Apple CEO Tim Cook, November 2, 2017
Long queues form for Apple’s iPhone X from Sydney to Shanghai – November 3, 2017
Apple shares hit record high as Wall Street gushes over iPhone X launch – November 3, 2017
Apple market cap tops $900 billion after hours trading – November 2, 2017
MacDailyNews presents live notes from Apple’s Q417 conference call – November 2, 2017
Apple easily beats the Street with revenue of $52.6 billion, shares surge – November 2, 2017