Apple Crushes First-Quarter Earnings Expectations, iPhone Sales Soared

By  //  February 1, 2017

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Apple’s highest quarterly revenue ever

Apple crushed all expectations for its first-quarter earnings on Tuesday; shares were up nearly 3% after hours in response.

(YAHOO) –  Apple crushed all expectations for its first-quarter earnings on Tuesday; shares were up nearly 3% after hours in response.

Apple saw $78.4 billion for revenue on expectations of $77.4 billion, and reported earnings of $3.36 per share on expectations of $3.21.

Most importantly, iPhone sales exceeded the high hopes Wall Street had for the quarter, with 78.3 million units sold, on predictions of 76.3 million.

It was Apple’s highest quarterly revenue ever, and iPhone’s biggest quarter ever.

In fiscal 2016, Apple suffered its first annual decline in both revenue and profit since 2001. It was a withering end to the year. Clearly, Apple is starting fresh in 2017, thanks to a smash-hit 2016 holiday season.

“We’re thrilled,” said CEO Tim Cook in a press release. “We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch… and we are very excited about the products in our pipeline.”

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