Apple Projects Record Holiday Revenue on iPhone X Demand

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

For investors in Apple, which is still among the most widely held stocks in the country, that may quell worries about iPhone 8 sales, and indicate that the higher price of the iPhone X will keep Apple rolling in cash even if demand for the standard iPhone drops.

In Singapore, there are "hundreds" waiting for the iPhone X outside Apple's freshly-opened store. Ahead of Apple's earnings report, analysts on Wall St. were anticipating revenue to come in at $50.7 billion and EPS to check in at $1.87. Longer queues are expected for the iPhone X launch on November 3. The services category includes Apple Pay, mobile services, and of course Apple Care.

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Apple Chief Financial Officer Luca Maestri told Reuters on Thursday the company was "quite happy" with how manufacturing of the iPhone X was progressing, noting that "production is growing every week, and that's very, very important during a ramp period". Apple's forecasting between $84 and $87 billion in sales next quarter, which at the midpoint would be 9% higher than last year's $78.4 billion. The firm was also expected to sell 46 million iPhones, analysts said.

In the fourth quarter, Apple's revenue rose 12 per cent to $52.6bn (£40.3bn) while the company's net income increased to $10.7bn, or $2.07 per share, in the quarter, from $9bn or $1.67 per share, the previous year.

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The company also did not say whether it had concerns about building enough iPhone X units to satisfy demand; many analysts have said they've already factored likely delays that could stretch well into 2018 into their forecasts. Shares, which closed at $168.11 per share, were up almost 3 percent after the report.

Apple fiscal 4th quarter sales results are in with a return to growth in the smartphone, tablet, and notebook markets. That said, Apple during the recent September quarter managed to sell 46.6 million iPhones. If you share that vision, there's something you need to know about Apple: it's rarely first to adopt new technology, but when it eventually introduces it, it's flawless.

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