Apple hits record profit despite drop in iPhone sales

Tech giant’s shares climbed more than 3 per cent

In its latest quarterly financial results, tech giant Apple has reported record revenues and profit despite a fall in iPhone sales over the Christmas period.

Apple, which is valued at $860bn, sold 77.3m iPhones in last three months of 2017, down slightly on the same quarter the year before. Despite a drop in iPhoneX sales over the Christmas period last year, the company reported a record profit of $20.1bn (£14bn) driven by strong growth in Japan and Europe.

The firm recorded revenue of $88.3bn (£61.9bn), up from $78.4bn (£55bn) in the same period last year.

Apple shares climbed more than 3 per cent in after-hours trade.

Apple chief executive Tim Cook said: “We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup.

“iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November.

“We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January.

“That’s an increase of 30 percent in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers.”

The firm also issued a weaker-than-expected sales forecast for coming months.

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