Apple today reported its first quarter earnings, surprising everyone with stronger than estimated profits as well as sales. The iPhone 7 has proved to be a huge success, helping the Cupertino-based company achieve its first sales growth in three quarters.
During October-December 2016, Apple sold a total of 78.3 million iPhones, setting a new record. Most analysts had expected Apple to sell 78 million units, 0.3 million units lower than the actual figure. The robust iPhone sales helped the company post an all-time record quarterly revenue of $78.4 billion and all-time record quarterly earnings per share of $3.36. In the same period a year back, Apple had posted revenue of $75.9 billion and earnings per diluted share of $3.28. Apple noted that international sales accounted for 64 percent of the revenue generated in the quarter.
“We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way. We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch,” said Tim Cook, Apple’s CEO. “Revenue from Services grew strongly over last year, led by record customer activity on the App Store, and we are very excited about the products in our pipeline.”
The next quarter will not be as impressive though, as Apple expects to post revenue between $51.5 billion and $53.5 billion for its fiscal 2017 second quarter. In the coming year however, Apple may see its sales achieve higher growth, as the rumored iPhone 8 is expected to bring significant hardware upgrades that could make it one of the most popular iPhones ever.