Apple says Q1 2018 was its biggest quarter ever with $88b in revenue

Apple has announced record revenue in its first quarter for the fiscal year, having raked in an all-time quarterly record of $88.3 billion. This represents a 13-percent year-on-year increase, according to Apple, which says that 65-percent of Q1's revenue was from international sales. In a statement, Apple CEO Tim Cook credited the new iPhone lineup, and the iPhone X in particular, with helping spur the company's biggest quarter ever.

The quarter saw Apple's highest revenue ever from an iPhone lineup, according to Cook. "iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November," he explained. The company also boasts what Cook calls "a significant milestone" — Apple reached a 1.3 billion base of active installed devices last month.

To put that in perspective, the active installed devices number grew 30-percent in two years, something Cook calls a "testament to" Apple's customer loyalty and satisfaction, plus the popularity of its devices. In addition, Apple saw record EPS revenue with a 16-percent increase.

The company boasts $8.471 billion in Services, plus iPhone sales exceeding 77 million, iPad sales exceeding 13 million, and Mac sales exceeding 5 million. Looking forward into the next quarter, Apple is expecting revenues to hit between $60 and $62 billion with operating expenses between $7.6 / $7.7 billion and a gross margin falling between 38% and 38.5%.

The record revenue was achieved despite sales remaining relatively flat in compared to the holiday quarter last year. Growth this past fiscal quarter was modest in the US and China with only 10% an 11% increases, respectively. However, Apple saw huge 26% growth in Japan during the quarter, with services, iPhone and "other" products fueling the record-breaking quarter.