Two of the most important tech companies in the world. Google and Apple, announced their Q4 2017 financials on February 1, 2018, and to no one’s surprise, they both posted Billions of profits and even exceeded market analysts’ predictions despite the challenges that both companies faced.
Apple announced financial results for its fiscal 2018 first quarter that ended on December 30, 2017. The Company posted a quarterly revenue of $88.3 billion, an increase of 13% compared to the same period a year ago and this was also the highest the company has ever made in a quarter since its inception. Despite the number of iPhones sold reducing, the revenue gotten from the phones increased, thanks to their higher price tag.
“We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November,” said Tim Cook, Apple’s CEO. “We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That’s an increase of 30 percent in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers.”
Alphabet Inc. (Google’s parent company) also announced their financial results for the same quarter and fiscal year that ended on December 31, 2017. Google posted revenues of $32.3 billion, which is a 24% increase compared to the same period a year ago, despite the company being slammed with a $10 billion tax hit.
“Our business is driving great growth, with 2017 revenues of $110.9 billion, up 23% year on year, and fourth quarter revenues of $32.3 billion, up 24% year on year. Our full year operating income growth continues to underscore our core strength, and on top of this, we continue to make substantial investments for the long-term in exciting new businesses,” said Ruth Porat, CFO of Alphabet.