Highlights from Apple’s conference call on its first-quarter financial results

Here are some of the highlights from Apple’s call with the press and analysts on Apple’s financial results for its fiscal 2018 first quarter that ended December 30, 2017. CEO Tim Cook and Chief Financial Officer Luca Maestri spoke during the conference call.

  • This was Apple’s fifth consecutive quarter of accelerating revenue growth.
  • Average revenue growth per week was 21% year-over-year. That’s impressive considering the fiscal quarter was 13 weeks compared to the same quarter a year-ago which had 14 weeks.
  • Apple saw double-digit revenue growth in all of the geographic segments it tracks.
  • The tech giant’s cash reserves hit $285.1 billion in the quarter ending in December, a record, reflecting the company's move to high-priced handsets and new tax regulations.
  • Worldwide, 60% of Mac sales were to first-time buyers. In China, that figure is 90%. Sales were up 2% year-over-year with the Mac’s active installed base up double digits year-over-year.
  • The iPad’s average selling price was $445, up slightly from $423 in the year-ago quarter. It was the third straight quarter of growth for the tablet. The iPad has 46% of the installed tablet base in the U.S. Of customers planning to buy a tablet in the next quarter, 72% plan to purchase iPads
  • The iPhone’s loyalty rate is 96% iPhone, the highest ever measured, according to Counterpoint Research.
  • Apple Watch saw over 50% growth in both revenue and units. The Series 3 models sold twice as many as the Series 2.
  • Apple is on pace to double its Services division by 2020. Apple services include Apple Music subscriptions, iTunes Music, iCloud storage plans, paid apps from Apple's App Store, and Apple Care service plans, Apple Pay, etc. All saw growth in revenue and active users, and all had a record financial quarter. Apple Pay saw 50% year-over-year growth in merchant adoption. Accepted at two-thirds of top 100 retailers in United States.
  • App Store had its best quarter ever, and is seeing a great response to ARKit-enabled apps (which now total 2,000 apps).
  • Apple reported roughly $5.5 billion revenue from its "Other Products" category; the category was up 36% year-over-year.