Apple Inc.(NASDAQ: AAPL) stock surged over 3.4% on after-hours session on Fed 1st, 2018 (Source: Google finance) post their positive first quarter of 2018 update.
The group’s active installed base reached 1.3 billion devices in January which is an all-time high for all of its major products and a 30% growth in just two years. The group delivered revenue of $88.3 billion, which better than their guidance range, and rose 13% against pcp. Apple’s Greater China showed solid performance, generating a double digit revenue growth for the second quarter in a row while in the emerging markets outside of Greater China, the group witnessed a 25% year-over-year growth. New and switching users comprised over 70% of all iPad sales in China.
Apple sold 77.3 million iPhones, which is the highest number ever for a 13-week quarter. The Average weekly iPhone sales surged 6% against December quarter in last year driven by growth in every region of the world. iPhone ASP rose to $796 as compared to $695 a year ago, on the back of the launch of iPhone 10 and the success of iPhone 8 and 8 Plus.
Apple’s services revenue rose 18% yoy to $8.5 billion, while enhanced 27% in terms of average revenue per week. The group is on track to achieve their goal of doubling 2016 services revenue by 2020. The number of paid subscriptions across the services offerings passed 240 million by the end of the December quarter, which is a rise of 30 million in the last 90 days alone, their largest quarterly growth.
App Store is also an all-time high performance while the holiday season performance was also solid. The group’s augmented reality is also getting recognition with customers currently enjoying over 2,000 ARKit enabled app, spanning every category in the App Store.
Apple Pay also hit a major milestone in the U.S, wherein over 50% year-over-year growth is seen in merchant adoption. More than half of all American retail locations, which comprises more than two-thirds of the country’s top 100 retailers are using Apple Pay. Global Apple Pay purchase volume more than tripled year-over-year and is available in >20 markets.