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Apple's First-Quarter iPhone Sales Drop 1%, Miss Estimates

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Apple (AAPL - Free Report) just released its first-quarter fiscal 2017 earnings data, and as always, the investment world is buzzing. Coming into today, one of the hottest points of discussion surrounding Apple was iPhone sales, and the new report has provided us with some updated numbers.

Apple’s first fiscal quarter marks the first full period of iPhone X sales. The special-edition iPhone X has been a major topic of discussion in recent weeks, as multiple reports indicated that Apple was witnessing softer-than-expected sales of the device.

iPhone sales have typically accounted for around 60% of Apple’s revenue, and with the company’s decision to release two new models within months of each other, the pressure has been on the Cupertino, California-based behemoth to perform.

Heading into today, our consensus estimate were calling for Apple to report total iPhone unit sales of 79.791 million, which would have represented a 1.9% gain from the 78.290 million witnessed in the year-ago quarter. In the previous quarter, Apple sold 46.677 million units, up about 2.6% year-over-year.

Our consensus figure was based on the research of 19 analysts and can be found in our exclusive non-financial metrics consensus estimate file. These estimates are updated daily and are based on the independent research of expert stock analysts.

According to today’s just-released report, Apple sold 77.316 million units in the quarter. That represents a drop of about 1% year-over-year and falls well below our consensus estimate.

Make sure to check back here for our full analysis of Apple’s report!

Want more analysis from this author? Make sure to follow @Ryan_McQueeneyon Twitter!

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