Apple Inc. (NASDAQ: AAPL) reported a double-digit increase in first-quarter earnings and revenues, aided by strong demand for iPhone, the tech firm’s flagship product. The numbers also exceeded the market’s expectations and the stock made modest gains soon after the announcement on Wednesday evening.
Sales of iPhone increased 17% from last year to $65.6 billion in the December-quarter. At $111.4 billion, total revenue was up 21%, which also came in above the estimates.
“Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” said Apple’s CFO Luca Maestri.
The gadget giant recorded a net income of $28.8 billion or $1.68 per share, compared to $22.2 billion or $1.25 per share in the first quarter of 2020. It was better than the outcome analysts’ had predicted.
Shares of Apple climbed to a new record last week, ahead of the earnings release. The stock, which gained 8% so far this year, closed Wednesday’s regular session lower.
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