Hundreds queue up in Sydney for Apple iPhone X launch

For Apple, which is looking to rev up sales in China after several quarters of declining revenue there, the test is that Gu is not alone.

iPhones weren't the only hardware Apple released in the last quarter, though - in fact, most of the company's product line got a pretty big shake-up.

Hundreds of people queued up outside Apple Inc's store in central Sydney early on Friday to be the first in the world to get their hands on the new iPhone X, a turnaround from more lacklustre launches for the past two iterations of the phone. 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.

During its most recent quarter, Apple sold 10.3 million iPads and 5.3 million Macs, representing a year-over-year increase of 14% and 25%, respectively.

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For investors in Apple, which is still among the most widely held stocks in the country, that may quell worries about iPhone 8 sales, and indicate that the higher price of the iPhone X will keep Apple rolling in cash even if demand for the standard iPhone drops. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.87 per share. The company's net income rose to $10.71 billion in the fourth quarter from $9.01 billion a year earlier. By comparison, Apple shipped almost 217 million iPhones in its just-completed fiscal 2017.

Apple Chief Financial Officer Luca Maestri told Reuters on Thursday the company was "quite happy" with how manufacturing of the iPhone X was progressing, noting that "production is growing every week, and that's very, very important during a ramp period". Apple said it expects revenue of $84 billion to $87 billion for the first three months of 2018, which would be a record quarterly sales and indicate healthy consumer demand for its latest iPhone lineup.

What's emerged as the No. 2 category after iPhones for Apple is Services, which includes iTunes, Apple Music and iCloud. Apple does not break out unit sales for Apple Watch but Cook said growth was over 50%. This was Apple's fiscal 2017 fourth quarter white ended September 30, 2017. This marks the second consecutive quarter of iPad growth after years of slipping sales. For one, Apple is likely the top beneficiary of US technology companies when it comes to a new Republican tax proposal on overseas cash.


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