The ugly reality about buying an iPhone X today

Posted November 03, 2017

The company posted revenue of $52.6 billion.

Apple sold 46.7 million iPhones in the three-month period ending September 30, up 3% from the same quarter a year earlier.

Apple shook off production problems with its latest iPhone on Thursday to report a 19% rise in profits and record pre-sales of iPhone X, the day before its 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 chief executive Tim Cook said in a release. But it forecast profit next quarter, which is traditionally its largest for sales due to the holidays, for somewhere between $84 billion and $87 billion.

Apple reports quarterly earnings after the bell, when Wall Street will scour the company's finances for signs that consumers are shelling out for new iPhones.

Services and software continue to burn brightly in Apple's universe, bringing in a record $8.5 billion last quarter, and outshining last year's revenues by an incandescent 34 percent. If the iPhone X is a big hit, that could fuel growth of offerings like Apple Music and iCloud storage in coming years. Analysts surveyed by Zacks had expected revenue of $83.31 billion. That equals earnings of $10.7 billion, or $2.07 per share, beating the anticipated $1.87.

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"My friends don't mind so much if they have an iPhone 8 or a 6, for example, because it looks similar and the price (of the iPhone X) makes you feel nervous". While conspiracy theorists might suspect that Apple is artificially reducing supply to generate buzz, analysts say the real reason is that Apple's suppliers so far haven't been able to manufacture the iPhone X quickly enough.

The iPhone 8 and iPhone 8 Plus went on sale in October, boasting improvements to the camera and the addition of wireless charging. If the stock nears that level on Friday, the company will reach a market value of $900 billion.

Apple gave a gross margin forecast of 38 percent to 38.5 percent, higher than many analysts expected because new products often have higher costs. It competes with a range of revamped Echo speakers from Amazon.com Inc. and Google's Home devices. This marks the second consecutive quarter of iPad growth after years of slipping sales.

The innovation may prove an important step on the path to Apple's potential next big product, smart glasses, for which CEO Cook has created a dedicated team.