Apple made $34 billion despite slow iPhone sales in first quarter of 2018

Apple’s favorite iPhone X didn’t exactly benefit the company’s overall iPhone sales, but it wasn’t the flop some people were saying it would be. The US-based company has released the second-quarter earnings report and surprisingly the tech giant saw its revenue only increasing, but its key product, the iPhone, fell just short of sales expectations.

While some of the analysts were predicting 53 million units to be sold, but the company managed to earn $34 billion dollars by selling a meager 52.2 million iPhones. That’s a 32 percent drop from the previous quarter, which saw 77.3 million iPhone sales,

It does not seem all bad news for Apple. As the revenue from iPhones was up about $5 billion year-over-year, going from $33 billion to $38 billion and the number of iPhones sold only increased from 51 million to 52 million, this means that Apple is generating significantly more money per iPhone than it was last year.

Apple CEO Tim Cook seemed to confirm this in the press release by saying,

“Customers chose iPhone X more than any other iPhone each week in the March quarter, just as they did following its launch in the December quarter, I could not be prouder of the product.”

The CEO said this after the report was released that “top of the line” iPhone model was the most popular. He called the $999 device “a beloved product.” The CEO added that the Chinese market as a big iPhone X driver. The expensive iPhone X was the most popular smartphone in China this past quarter as well.

Other Apple products such as the iPad as well as the Mac brought in a sizable portion of the quarterly revenue but compared to the previous holiday quarter those products dropped off as well. Apple’s new speaker, wireless headphones, HomePod, and the Apple Watch together with other products saw revenue growth, up more than 30 percent from this time in 2017. No matter how you see it, Apple isn’t hurting for cash.