iPhone X sales did not come in as strong last holiday season as investors hoped. Apple just posted its Q1 2018 earnings, and iPhone sales declined compared to the same quarter a year ago. Everyone on Wall Street seemed to expect an increase.
Still, there’s a silver lining: Despite the weaker iPhone sales, Apple made a record-setting $88.3 billion in revenue during the quarter. CEO Tim Cook says the iPhone X defied the company’s expectations, leading to Apple’s best quarter in history.