Apple reported record quarterly revenue of $78.4 billion for Q1 2017

Apple reported revenue of $78.4 billion for its fiscal 2017 first quarter ended December 31, 2016 – a record for the company.

It was the first full quarter of iPhone 7 sales.

The Cupertino-based tech firm reported a bigger-than-expected rise in iPhone sales.

Apple Inc – Q1 2017

Product Summary Units Revenue 
iPhone 78.29 million $54.378 billion
iPad 13.081 million $5.533 billion
Mac 5.374 million $7.244 billion
Services $7.172 billion
Other $4.024 billion
Total Apple   $78.351 billion

Apple sold 78.29 million iPhones in the quarter, up from 74.78 million in the same period the previous year.

The number of iPhones sold in the first quarter beat what analysts, on average, had forecast, of 77.42 million sales, according to FactSet StreetAccount.

Apple’s services business, which includes the App Store, Apple Pay and iCloud, reported 18.4% growth in revenue.

“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.”

“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.”

For the second quarter of fiscal 2017 Apple forecasts revenue between $51.5 billion and $53.5 billion, gross margin between 38 percent and 39 percent, operating expenses between $6.5 billion and $6.6 billion, other income/(expense) of $400 million, and a tax rate of 26 percent.