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iPhone 7 changed the Fortune of Apple and helps Apple hit all-time record revenue

iPhone 7 changed the Fortune of Apple and helps Apple hit all-time record revenue : On Wednesday, the Cupertino-based Company, riding on the success of iPhone 7 and Apple Watch, announced an all-time record revenue of $78.4 billion – with the record quarterly earnings per diluted share of $3.36 – for the first quarter of 2017 that ended on 31st December.

The results compare to revenue of $75.9 billion and earnings per diluted share of $3.28 in the year-ago quarter.

In a statement, the company said that International sales accounted for 64% of the quarter’s revenue. Apple shares rose 3% in after-hours trading following the results.

The CEO of Apple – Tim Cook said that we sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch.

Tim Cook said that 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.

For three consecutive quarters, Apple faced falling revenue as Chinese competition hit sales of its flagship iPhone series. But iPhone7 changed the fortune of Apple in 2017 first quarter. The company sold 78.3 million iPhones, up from 74.8 million a year before.

As per the BBC reported that revenue of $54.3 billion from iPhone sales, along with $7.2 billion from the Mac, $5.5 billion from the iPad and $4 billion from other products, including the Apple Watch.

The CFO of Apple – Luca Maestri said that our outstanding business performance resulted in a new all-time record for earnings per share and over $27 billion in operating cash flow.

Luca Maestri further added that 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.

Revenues from its services division – including the App Store, Apple Music and iCloud — were $7.1 billion.

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