Silver as an investment

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

zerohedge.com / by Tyler Durden / Jan 31, 2017 4:53 PM

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

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