Apple Hits Fiscal Q1 Home Run With Record $78.4 Billion In Revenue On Sales Of 78.3 Million iPhones

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The losing streak is over. For the past three quarters, Apple has reported lower earnings on a year-over-year basis thanks in part to declining iPhone and Mac sales. However, Apple turned the tide for fiscal Q1 2017 by delivering a record $78.4 billion in revenue for the quarter compared to $75.9 billion one year ago.

Earnings per share came in $3.36 per share compared to “The Street” estimate of $3.21 per share. Net profit stood at $17.9 billion for the quarter. International sales amounted to 64 percent of all of Apple’s quarterly revenue.

Apple Store

iPhone sales inched up to 78.3 million units, compared to 74.8 million units during the same period last year. Macs sales were slightly up at 5.4 million (versus 5.3 million), and the iPad continues to underperform with sales of 13.1 million, down from 16.1 million during fiscal Q1 2016.

“We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way. We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch,” said Apple CEO Tim Cook.

“Revenue from Services grew strongly over last year, led by record customer activity on the App Store, and we are very excited about the products in our pipeline.”

Looking forward to fiscal Q2 2017, Apple forecasts revenue between $51.5 billion and $53.5 billion. It also expects gross margins of between 38 to 39 percent.