IT

Apple fanatics might have to wait longer for the iPhone X

Apple fanatics might have to wait longer for the iPhone X

"We're happy to report a very strong finish to a great fiscal 2017, with record fourth quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for services", said chief executive Tim Cook.

Analysts have been eager to see whether Apple will be able to balance supply and demand for the iPhone X during the crucial holiday quarter, with most saying it will likely take Apple until next year or early spring to do so. But retailers and analysts had reporter slower than usual sales for a new iPhone model, which many attributed to the fact that Apple has a new, more premium model, of the iPhone set to hit stores Friday. Shares, which closed at $168.11 per share, were up almost 3 percent after the report.

Growing iPhone sales contributed to earnings beat for the company, with Apple surpassing both revenue and profit estimates of analysts.

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The iPhone X officially goes on sale tomorrow, with prices starting at $1579. The company gave investors a guidance $84 billion to $87 billion in revenue for the current quarter. Revenue from Apple's suite of services, meanwhile, came in at $8.5 billion, a solid 34% increase from the year-ago quarter.

Each year Apple's sales quarters generally follow a pattern - or have over the past 6 years or so. However, they will also have the most customers. iPhone product launches have become showstopping spectacles at Apple Stores with thousands of fans eager to be part of the atmosphere and excitement. Device sales reached 46.677 million for iPhone, 10.326 million for iPad and 5.386 million for Mac.

Making the iPhone X is proving to be a challenge because it boasts a color-popping OLED screen, which isn't as readily available as standard LCD displays in other iPhone models.

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Analysts believe Apple can pull off the juggling act. The company's net income for the quarter was $2.07 per diluted share.

Still, with a little reading between the lines, Apple's fiscal fourth-quarter performance may hint at whether consumers are waiting on the new phone to splurge during the all-important holiday season.

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