Apple might have beaten expectations for iPhone sales this quarter with revenue of $52.6 billion, but what investors were really looking forward to is what the company expects for its biggest quarter of the year, the upcoming Holiday quarter.
And Apple has some big expectations.
Last year, the company beat its own records and scored $78.4 billion in revenue, the highest any company in history has ever posted. This year, it expects to go much higher: Apple's projection for the Holiday quarter put revenue between $84 billion and $87 billion. It is those huge expectations that propped investors' interest and had the stock jump 5% after hours.
Even at the lowest end of these projections, Apple is guaranteed to have a blockbuster Holiday quarter. The driving force of sales is certainly the new, $1,000 iPhone X that is already driving huge lines across the globe on opening day.
Here is Apple chief executive Tim Cook's comment on the next quarter: "As we close the books on a very successful fiscal 2017, I have to say I couldn't be more excited about Apple's future."
And here are the full projections for the Holiday quarter, presented by Tim Cook at the company's conference call:
source: Apple via MacRumors