On Tuesday, Apple Inc. has reported its first ever improvement in iPhone sales after 3 quarters of decline. Apple has reported a revenue of $78.4 billion and earning per share of $3.36 for their fiscal first quarter 2017.
The numbers easily surpassed all of those that were expected by many analysts. It is certainly better than last year’s $3.28 per share and $75.9 billion revenue. The quarterly revenue increased about $2.5 billion from the last Q4 2016 and earning per share improved by $0.08.
Just around this time last year, Apple reported a record quarter with the sales of the iPhone at an all time high. However, soon after that the next three straight quarters of lower sales and lower revenue which added to the company’s first yearly decline since 2001.
In a conference call with investors, CEO of Apple, Tim Cook, said that there was a strong demand for the iPhone 7 Plus in the market and that it made a much higher share of sale than expected. The average selling price of the iPhone grew to $695 from a very low $619 in September. The Mac also returned to growth and had the best sales ever.
It was a dynamite quarter! – Tim Cook, CEO Apple
The revenue is generated from all Apple products such as the iPhone, iPad, Mac, Services and various other services include AppleCare, ApplePay. Other products include Apple TV, Apple Watch, Beats and iPod.
According to the above summary, here is the revenue per product of Q1 2017 and the number of units sold as compared to last year’s Q1.
- iPhone: 78.3 million sales vs 74.8 million, up 5%
- iPad: 13.1 million sale vs 16.1 million, down 19%
- Macs: 5.37 million sales vs 5.31 million, up 1%
- iPhone: $54.3 billion
- iPad: $5.5 billion
- Macs: $7.2 billion
- Total revenue: $78.4 billion vs $75.9 billion last quarter
The earnings from other products mentioned above was down by 8% as compared to last year’s Q1 revenue. Revenue from China, Apple’s 2nd largest market, dropped by 12% which is a huge loss. This combined with the reduction in iPad sales decreased the company’s overall revenue.