Apple reports record $88.3 billion revenue in Q1 2018 despite flat device sales

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Apple reported its first quarter 2018 financial results today, posting quarterly revenue of $88.3 billion. As expected, the revenue is once again a record for Apple.

“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,” said Tim Cook, Apple’s CEO. “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.”

Apple’s board of directors declared a cash divided of $0.63 per share of common stock, payable February 15 to shareholders of record as of the close of business February 12.

For Q2 2018, Apple is offering a revenue guidance range between $60 billion and $62 billion, and gross margin between 38 percent and 38.5 percent, comparing with Q2 2017’s $51.5 billion to $53.5 billion range, and 38-39 percent gross margin.

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