Riding on success of iPhone X, Apple set new records in its earnings

Riding on the sales flagship iPhone X , Apple set new records in its earnings in the final three months of last year

The California-based technology giant reported a profit climb to $20 billion on revenue that increased 13 percent to $88.3 billion during the period.

“We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November,” said Tim Cook, Apple’s CEO.

“We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That’s an increase of 30 percent in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers.”

The  iPhone revenues rose 13 percent from a year ago.

Cook said that the revenue growth from iPhone sales rose in all regions, and it was the top-selling smartphone overall in mainland China.

The number of Apple devices being used in the world as of January is at an all-time high of 1.3 billion, the ranks having grown 30 percent during the past two years, according to Apple.

“Thanks to great operational and business performance, we achieved all-time record profitability during the quarter, with EPS up 16 percent,” said Luca Maestri, Apple’s CFO.

“Cash flow from operations was very strong at $28.3 billion, and we returned $14.5 billion to investors through our capital return program.”

Apple forecast revenue of between $60 billion and $62 billion in the current quarter.  While the iPhone delivered the bulk of revenues, $61.6 billion in the quarter, the key segment of services saw revenue growth of 18 percent to $8.5 billion. The “other product” segment which includes the Apple Watch and Apple TV, increased 36 percent to $5.5 billion.