Apple profits surge ahead of iPhone X sale

The company hoped that the long-awaited launch of its new device, which will hit the stores on Friday in 55 countries, including India, will boost its year-end profits. 

Apple’s new smartphone, celebrating the iPhone’s tenth anniversary, is the tech giant’s biggest asset for the upcoming holiday season, a period of usually good news for sales of the company, Efe news reported. The company expects revenues for the first quarter of its 2018 fiscal year to reach between $84 billion and $87 billion, an estimate that, if fulfilled, would exceed the $78.3 billion registered in the same quarter of 2017. 

“We’re happy to report a strong finish to fiscal 2017,” Apple CEO Tim Cook was quoted as saying. The Apple CEO also expressed confidence in the imminent launch of the iPhone X, saying “we could not be more excited as we begin to deliver our vision for the future with this stunning device.” 

The company’s revenues in the last twelve months grew by 6.3 per cent to $229 billion, compared to $215 billion registered in 2016. In addition, Apple’s operating profit in the last twelve months was $61.3 billion, slightly more than the $60 billion recorded in 2016. 

IPhone fans in Australia and Japan had to wait in long lines in front of Apple stores to get their hands on the much anticipated device.

Mahesh Pallival, known to his friends as Mac opted for a rather radical approach to get his hands on a new iPhone X. The resident of Thane, arrived on horseback, leading a procession and a band to buy his iPhone X at Thane’s Hariniwas Circle. The proud owner of the device received his brand new iPhone X while seated on the horse, from the store’s owner Ashish Thakker. The stunt, although a little unexpected, was the iPhone aficionado’s attempt to stand out from the crowd. He also wanted to share his excitement of finally owning the iPhone X,  which is priced at a whopping Rs 89,000 and goes all the way up to Rs 1,02,000.