Apple posts $62.9 billion USD Q4 revenue despite missing sales estimate

The company raised its average iPhone selling price to $793 USD from $618 USD last year

Apple released its quarterly earnings for the fiscal quarter ending September 30th, 2018, revealing price is more important than quantity.

The Cupertino, California-based company sold 46.89 million iPhones during the quarter, according to Thursday’s report. However, analysts looked for 47.5 million.

Despite missing the target, Apple made more money from the iPhone. Thanks to the introduction of more expensive iPhones, the company raised the average selling price (ASP) from $618 USD ($808.83 CAD) this time last year to $793 USD ($1037.87 CAD). Further, this beat analysts’ expectation of a $750.78 USD ($982.61 CAD) ASP, making it a significant win for Apple.

On top of this, the company’s revenue was up 20 percent compared to the same time last year. Apple posted quarterly revenue of $62.9 billion USD (about $82.32 billion CAD).

Services revenue also hit an all-time high. Apple posted a revenue of $10 billion USD (about $13.09 billion CAD) this quarter, a 27 percent increase from the $7.9 billion USD (about $10.34 billion CAD) this time last year.

“We’re thrilled to report another record-breaking quarter that caps a tremendous fiscal 2018, the year in which we shipped our two billionth iOS device, celebrated the 10th anniversary of the App Store and achieved the strongest revenue and earnings in Apple’s history,” said Apple CEO Tim Cook.

Finally, Apple provided guidance for its first quarter in 2019, predicting revenue between $89 and $93 billion USD (between roughly $116.46 billion and $121.71 billion CAD).

Source: Apple, CNBC