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Record iPhone Sales Lift Apple

SAN FRANCISCO—Apple Inc. returned to growth in the quarter ended Dec. 31 following three consecutive quarters of sales declines. The company’s record quarterly revenue was lifted by strong iPhone sales, paced by strong demand for the iPhone 7+.

While both iPhone and Mac sales fared better than expected, sales of iPads and declined versus the year ago quarter, Apple said.

Kevin Krewell, principal analyst at Tirias Research, said a higher than normal number of “switchers” from Android to Apple during the quarter—the first quarter of Apple’s fiscal 2017—may have been related to rival Samsung Electronics Co. Ltd.’s disastrous Galaxy Note 7 recall last year.

Tim Cook, Apple’s CEO, said in a conference call following the quarterly report that the fiscal first quarter was also a record quarter for Apple Watch in terms of both revenue and sales. “We couldn’t be more excited about Apple Watch,” Cook said.

Apple reported record quarterly revenue of $78.4 billion, up 3 percent from the same period of 2015. The company reported a net income for the quarter of $17.9 billion, a decline of 3 percent versus the year ago period.

Tim Cook, Apple

Tim Cook, Apple

Apple said it sold 78.3 million iPhones during the quarter, up from 74.5 million in the first quarter of fiscal 2016. Mac sales reached 5.,374, up from 5,312 in the year ago quarter. IPad sales declined to 13.1 million, down from 16.1 million in the year ago quarter.

Apple’s fiscal first quarter results beat consensus analysts’ expectations for both revenue and profit, as well as iPhone sales.

“The Apple story remains the company’s ability to keep and slightly grow its iPhone installed base and how it can sell those customers more services and related products,” Krewell said. “:And to date, it been really good at that.”'

Read the reest of this article on EBN sister site EETimes

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