Easily beating analyst estimates, Apple on Thursday said net income rose to $10.71 billion during the fiscal fourth quarter of 2017 -- up from $9.01 billion during the same period last year.
The tech giant also reported quarterly revenue of $52.6 billion, which represented a year-over-year increase of 12%. “We’re happy to report a very strong finish to a great fiscal 2017,” Apple CEO Tim Cook said in an earnings release.
Cook also said that Apple is looking forward to a "great" holiday season, powered by strong sales of the new iPhone X.
During the quarter ended September 30, Apple said it sold 46.7 million iPhones at an average selling price of $618. That amounted to $28.85 billion in revenue, according to the tech giant.
During the period, Apple’s services business generated $8.5 billion in revenue, which was markedly better than analysts' expectations.
For the fiscal first quarter of 2018, the company is projecting revenue of between $84 billion and $87 billion, and gross margins of between 38% and 38.5%.
Going forward, the forecast suggests strong demand for Apple’s latest iPhone, Daniel Ives, chief strategy officer and head of technology research at GBH Insights, said in a note to investors.
Around the world, Apple’s stock appears to be rising. In China, iPhone sales jumped by about 40% in the third quarter, according to a recent report from research firm Canalys.
Thanks to that spike in sales, revenue growth in China surged from about $8 million to $9.8 billion, year-over-year.
“We believe this crucial region appears to be finding its sea legs again and is the main ingredient in Apple’s recipe for success around iPhone X upgrades during 2018,” according to Ives.
Rarely resting on its laurels, Apple also made aggressive moves into new businesses, this past quarter.
The company said it was reviving& ;nbs p;Steven Spielberg’s sci-fi series “Amazing Stories.” To develop the 10-episode series, Apple partnered with Spielberg’s Amblin Television and NBC Universal.
To compete with Netflix, Amazon and more established entertainment companies, Apple has reportedly set aside $1 billion to produce and acquire original content over the next year.
Among other opportunities, the company is reportedly in the running for the rights to the James Bond franchise.