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Apple Announces Record Sales Of iPhone 7

Author: Compare Guru
Date: 2017-02-07
Apple has released it’s revenue data for the first quarter of 2017. Surprisingly, the launch of the iPhone 7 was a big part of their success.
Apple has announced its financial results for the first quarter of 2017. And, let's just say that things are definitely looking up for the company.
“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 Tim Cook, Apple’s CEO. “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.”
The company reported earnings of $78.4 billion revenue and sold 78 million iPhones.
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A Look Back At Apple's Growth

Apple's last few quarters have seen a decline in the company's incredible growth. For over a decade, Apple had been setting record sales and posting almost unheard of revenue gains. But, eventually, the momentum around the iPhone began to wane.

It's not only the iPhone which started to see a decline in sale, however, the iPad business had also been slow.

The Launch Of The iPhone 7

Thanks to the release of the iPhone 7, Apple's slump is finally over. And, according to Tim Cook, the Apple Watch had its best quarter ever. Apple says that their profit of $17.8 billion was boosted by the high demand of its larger, Plus variant, iPhones. Apple's Chief Financial officer, Luca Maestri, said on the earnings call that customer satisfaction with iPads, and the new iPad Pro, was very high. While he might predict strong growth in that category, sales figures don't reflect Maestri's optimism with sales, and revenue from iPad having decreased by approximately 20% year on year.
“Our outstanding business performance resulted in a new all-time record for earnings per share, and over $27 billion in operating cash flow,” said Luca Maestri, Apple’s CFO. “We returned nearly $15 billion to investors through share repurchases and dividends during the quarter, bringing cumulative payments through our capital return program to over $200 billion.”

Incredible Service

Apple has over 1 billion active iOS devices across the globe. This has helped the company to bolster declining hardware sales thanks to an increase in revenue from services on those devices. These services include Apple Pay, iCloud storage, Apple Music, and sales on the App Store.

Tim Cook also hinted at the company jumping into the original content market by saying “With our toe in the water, we’re learning a lot about the original content business.”

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