Strong iPhone Growth Punctuates Apple's Blowout Quarter
Expectations were high going into Apple's (NASDAQ: AAPL) fiscal first quarter earnings report. After more than a year of falling sales, the iPhone was a key question mark, but recent reports suggested that demand of the iconic device was booming, particularly in China. Apple confirmed the rumors today, reporting all-time record revenue and profits in the process, on the back of strong sales of iPhones, wearables, and services.
Apple reported revenue of $91.8 billion, up 9% year over year, soaring past both analysts' consensus estimates and the high end of management's guidance, which topped out at $88.5 billion and $89.5 billion, respectively.
The iPhone was the headliner, returning to growth for the first time since 2018, with revenue from the device up 7.6% year over year, and representing 61% of Apple's total revenue. This is particularly notable in light of the lower starting price of the iPhone 11.
Source Fool.com
