This might be pretty surprising news if you recall all of the doom and gloom reports from the past few months claiming that sales were disappointing and production had been cut because the phone was far too expensive.
Contrary to the controversy surrounding the high price of Apple's iPhone X, it turns out it was the best-selling smartphone model of last quarter, worldwide, on a unit-sales basis.
This trend is likely to continue for Apple as the firm believes that the Cupertino-based tech giant is likely to maintain its winning streak in the second quarter of the year as well.
Apple iPhone X was the best-selling smartphone globally in Q1, according to a report by Strategy Analytics. The iPhone 7, which was launched in September 2016, shipped 5.6 million units to get fourth position. But that is not the only star performer in its arsenal. Apple accounts for four of the world's six most popular smartphone models. BMO Capital Markets lowered shares of Apple from an "outperform" rating to a "market perform" rating and raised their target price for the stock from $162.00 to $166.00 in a report on Wednesday, January 31st.
Selling a massive 16 million units out of total smartphone shipments of 345 million worldwide, the iPhone X has seemingly disproved everyone who expected this to be a sales dud for Apple. The iPhone maker reported $2.73 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $2.69 by $0.04. Xiaomi marketed the device as "The smartphone for everyone" which seems to have been accurate seeing that they sold over 5.4 million units. One where Apple's expansion of smartphone units makes up for an ever-so-slightly larger command of the market, but a big change to the top of said list. The non-Apple devices on the top 6 slots are the Redmi 5A and the Samsung Galaxy S9 Plus. During the same quarter previous year, the company earned $2.10 EPS. Samsung's new flagships, Galaxy S9 and S9 Plus, only started shipping toward the end of the first quarter, but shipments are already off to a very good start. The S9 Plus offers an attractive package for Android enthusiasts with a bezel-less design, curved display and a rich portfolio of apps.
The company exceeded analyst expectations in per-share earnings and revenues, lifting shares in after-hours trading.
Suppliers around the globe had warned of smartphone weakness, playing into fears that the company known for popularizing personal computers, tablets and smartphones had become too reliant on the iPhone.