Apple delivers higher profit as iPhone X launches on Friday

iPhone X, Apple

Apple profits rose on the back of strong iPhone sales in the past quarter, the company reported today, as the US tech giant begins selling its newest flagship handset.

Net profit rose 19 per cent from a year ago to $10.7 billion in the fiscal fourth quarter to September 30, Apple said. Revenues were up 12 per cent to $52.6 billion.

Release of the earnings figures pushed Apple shares up more than three percent to $173.20 and came as iPhone X models began hitting the market in some time zones.

Apple sold more iPhones, iPads and Mac computers than it did in the same quarter a year earlier. Smartphones sales climbed by about a million units to 46.7 million in the three months winding up the California company’s fiscal year, according to the earnings report.

“We’re happy to report a very strong finish to a great fiscal 2017, with record fourth-quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for services,” Apple chief executive Tim Cook said in the release.

“We’re looking forward to a great holiday season, and with the launch of iPhone X getting underway right now, we couldn’t be more excited as we begin to deliver our vision for the future with this stunning device.”

Apple closed out its fiscal year posting a full-year profit of $48.35 billion, up 5.8 per cent, on revenues of $229 billion, a rise of 6.3 per cent from the previous year.

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