Apple Inc's (NASDAQ:AAPL) revenue forecast for the holiday shopping-quarter was largely above market expectations, helping allay investor concerns about production delays and supply constraints for the iPhone X, which it will start shipping from Nov. 3.
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The forecast comes after Apple gauged demand for iPhone X with a pre-order process that kicked off online on Oct. 27. Many analysts have said the forecast will show how Apple tackles supply chain issues to make enough phones, for which it has reported "off the charts" demand.
The company forecast first-quarter revenue of $84 billion to $87 billion. Analysts on average were expecting $84.18 billion, according to Thomson Reuters I/B/E/S.
Apple said it sold 46.7 million iPhones in the fourth quarter ended Sept. 30, above analysts' estimates of 46.4 million, according to financial data and analytics firm FactSet.
The company's net income rose to $10.71 billion, or $2.07 per share, in the quarter, from $9.01 billion, or $1.67 per share, a year earlier.
The $28.85 billion revenue from iPhone sales accounted for nearly 55 percent of total revenue, which rose 12.2 percent to $52.58 billion.
Analysts on average were expecting total revenue of $50.70 billion, according to Thomson Reuters I/B/E/S.