Apple Sells A Record Number Of iPhones, Beating Expectations As Cash Hits A Quarter Trillion Dollars

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.