Apple on Thursday blew away Wall Street forecasts for sales of its uber-profitable smartphone — and cheerful investors pushed the tech titan’s market cap briefly past the $900 billion level.
In a solid quarter ending Sept. 30, Apple sold 46.7 million iPhones — more than the 46.1 million expected.
In recent weeks, The Post and other media sites reported that sales of the iPhone 8, which hit stores Sept. 22, were less than amazing.
Customers, according to analysts’ reports, were opting instead for the discounted iPhone 7.
But no sooner did the mid-October reports surface than sales of the iPhone 8 exploded, according to Chief Executive Tim Cook.
The iPhone 8 “instantly” became Apple’s top-selling product line. And the 8 Plus has gotten off to the fastest start of any Plus model, Cook noted.
In its fiscal fourth quarter, the gadget Goliath reported earnings per share jumped 24 percent, to $2.07 — compared to estimates of $1.87.
Revenue in the period topped out at $52.6 billion, beating both Wall Street’s forecast of $50.5 billion and the company’s forecasted range of $50 billion to $52 billion.
“We’re happy to report a very strong finish to a great fiscal 2017, with record fourth-quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for Services,” said Cook.
Other gadgets moved briskly as well. Apple sold 10.3 million iPads and 5.3 million Macs in the quarter, up 11 percent and 10 percent year-over-year, respectively.
The company did not release Apple Watch sales numbers, but said that the Watch line saw unit growth of 50 percent for the third straight quarter.
Banking on the excitement surrounding the release of the iPhone X, which it has dubbed “the future of the smartphone,” Apple forecast revenue of $84 billion to $87 billion in the current quarter.
In a call with investors, Cook said that the iPhone X’s eye-popping $1,000 price tag shouldn’t pose an issue to many customers because most pay for the device in installments.
“If you look at the US carriers, I think you would find you could buy an iPhone X for $33 a month,” he offered.
“It’s less than a coffee a day at one of these nice coffee places,” Cook added.
He insisted that Apple isn’t pricing the phone at a premium simply because it believes consumers will cough up the dough, pointing out that iPhones have the highest resale values in the industry.
“We’re not trying to charge the highest price we can get,” Cook said. “We’re trying to price it for what we’re delivering.”
Cook said that the company was quickly moving past the production issues that have reportedly plagued the iPhone X in recent months, saying that facilities have been ramping up production smoothly. However, he added that he can’t predict when supply will catch up with demand.