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Apple Tops Year End Earnings Expectations With iPhone Sales Growth

Deadline logo Deadline 1/31/2017 David Lieberman
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Apple shares are up about 2.7% in post market trading after it reported an increase in iPhone sales in the last three months of 2016, lifting earnings above analyst expectations.

The company generated $17.89 billion in net income, down 2.6% vs the period in 2015, on revenues of $78.35 billion, up 3.3%. The top line beat the Street’s expectations for $77.38 billion.

Earnings at $3.36 a share were well above expectations for $3.22.

But the key number may be the one showing sales of 78.29 million iPhones, up 4.7% and ahead of predictions for 77.38 million. The device accounts for nearly 70% of Apple’s revenues.

“We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way,” CEO Tim Cook says. “We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch. 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.”

As for other products, Apple says it sold 13.08 iPads (down 19%), and 5.37 million Macs (up 1%).

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