Executive Summary

• Apple reported fiscal 4Q17 EPS of $2.07, up 23.7% year over year and beating the consensus estimate of $1.87. Revenues were $52.6 billion, up 12.2% year over year and beating the $50.7 billion consensus estimate.
• The company sold 46.7 million iPhones in the quarter, above the consensus estimate of 46.4 million units. iPad units sold increased by 11% and Mac units sold increased by 10% year over year. Service revenue was $8.5 billion, up 34% year over year.
• Apple guided for fiscal 1Q18 revenues of $84–$87 billion, in line with the consensus estimate of $85.2 billion. The margin and expense ranges the company provided result in an EPS range of $3.56–$3.80, in line with the consensus estimate of $3.75.