Apple ANZ sees revenue surpass AU$9b in 2018

Revenue jumped by 13 percent to AU$9.1 billion for the year ended September 29.

Apple cuts Q1 revenue outlook due to weak iPhone sales, Chinese market Revenues will come in lower than a year prior, Apple warned, due to a rough economic climate in China and fewer iPhone upgrades than expected.

Apple Pty Ltd, which includes its Apple Sales New Zealand subsidiary, has reported AU$9.1 billion in revenue for the year to September 29, 2018, which is a 13 percent jump on the AU$8 billion recorded for the same period last year.

The growth has almost entirely come from product sales, which grew by AU$1 billion to AU$8.1 billion, while services revenue grew by only AU$20 million to AU$995 million.

Apple saw its post-tax profit triple from AU$72.4 million to AU$233 million for the year, with the AU$164 million in income tax paid being AU$18 million less compared to last year. However, the line item for income tax for the current year grew from AU$80 million to AU$127 million. Last year, Apple paid AU$90 million for under provisioning its income tax for prior years, while this year it had to cough up a much lower AU$30 million.

The company, whose holding companies are Apple Ireland and Apple Inc in Cupertino, said it will restate its financials when it adopts the AASB 15 accounting standard, but that it will first examine the impact of AASB 9 which changes impairment requirements from an incurred loss to an expected credit loss.

Apple Pty Limited had 4112 employees as of September 29.

According to the latest Kantar Worldpanel ComTech data, iOS smartphone usage increased to 38 percent across the three month window to September 2018, a 3.5 percent jump on the same window to September 2017.

Over the same interval, Android usage in Australia fell from 65 percent to 61.6 percent.

At the start of the January, Apple missed its first quarter revenue targets by $7 billion, citing lack of demand in China, and weak iPhone upgrades.

Last week, Strategy Analytics guessed that Apple sold three million fewer iPhones in China for the same quarter than last year.

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