Tech giant Apple has started the new year with a bang. The company reported a whopping profit of USD 20 billion in the past quarter. The sales of its limited edition iPhone X smartphone were better than expected. According to reports, Apple’s revenue in the final three months of the past year increased to 13%.
Apple CEO Tim Cook said about IPhone X:
“ We are thrilled to report the biggest quarter in Apple’s history. We have generated record-breaking profits from the new iPhone lineup,”
“iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November.”
However, the company reported that overall iPhone sales in the quarter were about a million fewer than the same period last year. Despite Apple’s spectacular growth in the last few decades, The California based tech giant is facing challenges in continuing the growth.
img source: appleinc
Apple has been criticized for deliberately slowing down the performance of its old phones with its new software update.
The company said that it would bring back most of its profit from abroad to take advantage of a favourable tax rate approved by Congress last year. For the latest quarter, last three months of 2017, Apple set aside USD 6.98 billion for taxes.