Apple AAPLreported second-quarter fiscal 2018 earnings of $2.73 per share, which beat the Zacks Consensus Estimate by 4 cents and increased almost 30% year over year.
Net sales increased 15.6% year over year to $61.14 billion, which surpassed the Zacks Consensus Estimate of $60.99 billion. Apple benefited from robust iPhone and Services segment revenue growth.
According to Apple, iPhone X has been its top-selling phone every week since launch in November 2017. Apple mentioned that the device was the most popular smartphone in China in the reported quarter. Another iPhone model was also among the top three in the country.
Apple Services (15% of sales) revenues of $9.19 billion beat the consensus estimate of $8.33 billion backed by record growth in App Store, Apple Music, iCloud and AppleCare revenues in the quarter. Management stated that active installed base for all devices grew in double digits on a year-over-year basis.
iPhone Details
Total iPhone unit sales of 52.2 million missed the Zacks Consensus Estimate of 52.9 million but increased 3% year over year on the back of iPhone X, iPhone 8 and iPhone 8 Plus.