Apple published their Q1 earnings report for 2018 today and it gave us a fascinating insight.

Apple has published their Q1 earnings report for 2018, the company has reported that, in total, it sold 77.3 million iPhones in Q1 2018 (Note that it does include the busy holiday season).

If you compare the number of iPhones sold from last year, sales are actually lower. Last year in Q1, Apple sold 78.3 million iPhones, in comparison, this is a drop of 1.24 percent year over year. While this may look bad, the next part will come as a surprise.

Apple iPhone X

Apple iPhone X

Even though iPhone sales did decrease year over year, the revenue made from the iPhone has been reported at $61,58 billion. This is an overall 11.69 percent increase year over year as last year in Q1, iPhone revenue was ‘only’ $54.38 billion. This contributed to Apple’s largest ever quarter with $88.3 billion in revenue.

This is great news for Apple indefinitely, while sales were lower than expected, they’re still maintaining an increase in revenue. The increase is due to the average selling price, predictions touted the average selling price to be around $710 to $755, however, the actual average selling price was $796! Compare this to the average selling price in Q1 last year ($694) this is a great increase for Apple.

This is mainly down to the iPhone X touting a £999+ price tag, while rumours suggested the sales for the iPhone X were low, they were very wrong.

CEO Tim Cook said “iPhone X surpassed our expectations and has been our top selling iPhone every week since it shipped in November” This quashes any rumours suggesting that the iPhone X and the other iPhone sales were dismal. All in all, what makes the rumours even more laughable, is Apple was only around 1 million units shy of its record sales quarter.

In other news, CEO Tim Cook also announced that Apple has reached a new milestone today. Tim Cook said “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.”

Read the official report by Apple here