Apple beats analyst expectations in first quarter earnings report

Apple CEO Tim Cook announces the new iPhone 7 during a September 2016 event to introduce new products. The company sold 5.37 million Macs, up a small 1.4 percent over the year-ago quarter. The results snapped a three-quarter streak of iPhone declines. Under services, Apple mentions that its App Store "broke all-time records" during the holiday quarter, including $3 billion in purchases in December alone.

In its first full quarter, since Apple unveiled the iPhone 7, the United States tech giant reported net sales of $78.4bn (£62.3bn), up 3% on the same period a year ago.

He also said revenue from services grew strongly over a year ago, thanks to record customer activity on the App Store.

Apple has struggled as iPhone sales have slipped in the face of fierce competition.

The iPhone was the main force behind Apple's revenue record. The iPhone 7 and the 7 Plus added features like better cameras and water resistance, all in that familiar body.

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On a sour note, AAPL's iPad sales continued to struggle.

Apple sold 13.08 million iPads in the quarter, which is down 19 percent year over year.

But MarketWatch noted that the "wearable craze is far from dead", citing numbers from IDC that show more than 124.4 million units to be sold in 2017, up from 97.4 million in 2016. As consumers continue to live their lives online, and through various applications, services are a reliable way for Apple to boost revenue, regardless of how strong new iPhone sales may be. Samsung shipped 77.5 million smartphones worldwide in Q4 2016, dipping 5 percent annually from 81.3 million units in Q4 2015.

The results were a welcome change for Apple, which had struggled through most of the previous year. Numerically speaking, Cupertino's Services business, in and of itself, brought in $7.17 billion, besting estimates of $6.91 billion, and easily quashing the company's previous record of $6.06 billion set during the same fiscal Q1 past year. Earnings grew 2.4% to $US3.36 per share, while net income dipped by 2.6% to $US17.9 billion.

The full transcript of Apple's Q1 2017 earnings call is available over at iMore.


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