Shares of Apple (NASDAQ:AAPL) opened lower on Friday, the first trading period after the company reported both top and bottom-line beats in its first fiscal quarter of 2018—despite missing estimates for total iPhone unit sales.
Apple reported adjusted earnings of $3.89 per share, while overall revenues rose 13% year-over-year to hit $88.29 billion. But in the first quarter that its iPhone X was on the market, the company failed to meet unit sales expectations (also read: Apple's First-Quarter iPhone Sales Drop 1%, Miss Estimates).
Luckily for investors, the massive price tag for the 10th anniversary iPhone helped total segment revenues climb. And on top of overall sales growth for its most important product, Apple saw its sales climb in some very important Asian markets.
In the first quarter, Apple saw its sales in Greater China reach $17.96 billion, accounting for over 20% of Apple’s total sales. This also marked 11% year-over-year growth in the second-largest economy in the world.
On top of that, Apple saw an 83% jump in sales from the fourth quarter of 2017. This obviously includes the highly important holiday shopping period, along with the higher price of the iPhone X. Nevertheless, this sequential uptick was far greater than the jump seen in the Americas and might signal that more positive signs from China could be coming down the road.
Apple sales also soared in Japan. The company posted $7.24 billion in revenues in the country, which marked a 26% year-over-year jump. Apple also saw its Japanese revenues climb 88% sequentially.
In the rest of the Asia-Pacific region, Apple’s quarterly sales popped 17% year-over-year to reach $6.85 billion. This market also experienced a whopping 144% increase in sales over Q4.
These three Asian regions tracked by Apple accounted for a total of $32.05 billion in Q1 sales, or 36.29% of the company’s overall quarterly revenues.
For some perspective, revenues in the Americas jumped 10% year-over-year to $35.19 billion, and European sales rose by 14% to $20.05 billion.
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