Apple Earns 18% More from iPhone 7 Sales during Q1 of 2017

Apple Earns 18% More from iPhone 7 Sales during Q1 of 2017. On Tuesday, Apple reported a positive growth in the iPhone sales. The tech giant witnessed strong financial results for the first quarter of 2017. Strong demand for Apple’s iPhone 7 was seen, with demand outpacing supply.

“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 Apple chief executive Tim Cook.

Revenue increased to an all-time record $78.4 billion as compared to $75.9 billion in the same period a year before. The company revealed this in its earning update for the quarter ending in December. Compared with the same quarter a year earlier, profit dipped 2.6% to $17.9 billion.

Apple Earns 18% More from iPhone 7 Sales during Q1 of 2017

Apple shares were almost up by 3% to $124.80 in after-market trades that followed release of the earnings results. The company informed that it sold 78.3 million iPhones. This is the highest ever in a quarter.

According to industry tracker Strategy Analytics, the sales made Apple the world’s leading smartphone vender in the final three months of last year. With these results Apple even surpassed Samsung.

Apple Set All-time Revenue Records for iPhone, Services, Mac and Apple Watch

The surge promised to satisfy concerns by investors that iPhone sales, which account for the bulk of Apple’s revenue, were softening due to three quarters of consecutive decline.

The tech giant said it “set all-time revenue records for iPhone, services, Mac and Apple Watch.”

Also Read: Apple is “Encouraging Regulatory Attacks around the World”: Qualcomm

According to Cook, the sum of money taken in from online services and digital content increased strongly. That was led by exceptional buying at Apple’s online App Store.

“I have not yet done the numbers, but I think Apple had the best quarter in the history of humanity,”

Asymco analyst Horace Dediu revealed in a comment on Twitter.

According to the earnings report, Apple witnessed a decline in its revenue in China. The revenue drop by 12% to $16.2 billion in China.

Though the company’s performance in China got better from the previous quarter. But it was inhibited by a strong US dollar, according to Apple.

Cook said that he was encouraged, though Apple still faces challenges in mainland China. Apple also plans to “invest significantly” in India, he further added.

Read Also: Apple Wants India to Offer Tax Concessions to Start Manufacturing in India

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