Apple forecast revenue of $60 billion to $62 billion and gross margins of between 38 percent and 38.5 percent for its fiscal first quarter ending in March. At the end of the December quarter, Apple had about $285 billion in cash, cash equivalents and short- and long-term marketable securities. It was really driven by the success of the iPhone X and also the iPhone 8 and iPhone 8 Plus, Maestri told Reuters in an interview. Apple had predicted its strongest-ever holiday shopping quarter on the strength of the iPhone X and iPhone 8. Maestri said the lower services revenue was because the holiday quarter was only 13 weeks rather than 14 weeks.

Source: CBC News February 01, 2018 22:07 UTC