Long queues outside Apple stores ahead of iPhone X launch

Tim Cook said the firm'couldn't be more excited about the launch of the iPhone X

Positive reviews for the new device and expectations that many users are on the verge of upgrading from older iPhones have sent Apple's stock to record highs, pushing it closer to becoming the first publicly listed company with a stock market value above $1 trillion.

When contacted, a representative from iWorld from Kamla Nagar said they did not have any iPhone X stock yet.

In the past few days, several media reports have claimed that Apple is facing a huge supply gap primarily for two reasons: difficulties in assembling the new facial identification software and 3D camera, and "off the charts" pre-orders for iPhone X after the Apple fraternity didn't make the expected beeline for iPhone 8 and 8 Plus.

Production problems have marred the release of iPhone X but the company is still forecasting revenues of between $84bn and $87bn for the next quarter compared with $78.4bn for the same period previous year. That's up from 45.5 million at the same time past year after the iPhone 7 came out, but represents a step back from the same time in 2015, when Apple shipped 48 million iPhones during the quarter. Unit sales were up only 3 percent from a year ago, with 46.7 million iPhones sold this quarter compared to 45.5 million in the year-ago quarter. Shares in the company rose 3 percent in after-hours to a new all-time high as investor concerns about production delays for the new phone were allayed. "The initial demand for iPhone X has been very, very strong".

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Apple notes in their earnings report that Services revenue in their fiscal 4th quarter of 2017 included "a favorable one-time adjustment of $640 million due to a change in estimate based on the availability of additional supporting information". While that only represents a 2% increase year-over-year, Apple's other products more than picked up the slack. By comparison, Apple shipped almost 217 million iPhones in its just-completed fiscal 2017.

Q1 revenue guidance: $84.9 billion expected by Thomson Reuters. In a quarter that's typically the calm before the holiday storm, Apple has to be happy with these results. Global sales accounted for 62 percent of the quarter's revenue. For one, Apple is likely the top beneficiary of USA technology companies when it comes to a new Republican tax proposal on overseas cash.

As a point of interest, Apple during the same quarter a year-ago posted revenue of $46.9 billion, a net quarterly profit of $9 billion, and EPS of $1.67.

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