Rumors of AAPL’s demise have once again been greatly exaggerated. Moments ago, Apple reported Q1 earnings which not only beat on the top and bottom line, but also sold a record number of iPhonea in the quarter at a record 78.4 million, 2 million more than expected, at higher ASPs than expected. Earnings of $3.36 were higher than the $3.22 expected, on record revenue of $78.4 billion, above the $77.3 BN expected, and 3.3% higher than a year ago. While sales grew across the globe, revenue in China declined by 12% in the quarter, the 4th consecutive quarterly decline in a row.
‘We were surprised by the strength of iPhone 7 Plus where we were actually short of supply throughout the quarter. We’ve been able to come into supply-demand balance in January,” Chief Financial Officer Luca Maestri told Bloomberg.
The result in a nutshell:
Q1 EPS: $3.36, Exp. $3.22 Q1 Revenue: $78.4Bn, Exp. $77.3Bn Gross margin: Exp. 38.4% iPhone unit sales: 78.3 milion, Exp. 76.3 million. iPhone sales generated $54.4 billion in revenue, 69% of total. iPhone average selling price: $694.6, Exp. $688
This post was published at Zero Hedge on Jan 31, 2017.