Apple eased the pressure for the iPhone X to be a smash hit, thanks to this business comeback

A lot of Apple investors are betting the new iPhone X will trigger a massive consumer buying spree and boost the company’s revenues. But even before the iPhone X hit store shelves on Friday, Apple’s smartphone business was on the upswing.

As we can see in this chart from Statista, shipments of Apple’s iPhones increased in the company’s recently ended 2017 fiscal year. That’s important because in the company’s prior fiscal year, the iPhone business experienced its first-ever drop in shipments. At the time, many observers were quick to declare the end of the iPhone phenomenon, citing increasing competition and falling prices.

Apple proved the naysayers wrong. Now the company hopes to keep the streak alive with the iPhone X.

Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at