Apple sells record 78.3 million iPhone units during its fiscal first quarter
Thanks to strong sales of the pricey iPhone 7 Plus, the average selling price recorded by Apple for the iPhone in the quarter was a record high $694.57, up from last year's $691. Wall Street was expecting a decline in the ASP number to $688. The phablet-sized iPhone 7 Plus made up a higher than expected share of overall iPhone sales during the three month period.
For the next quarter, Apple predicts that it will sell 51.5 million to 53.5 million iPhone handsets. Despite this sluggish forecast, Apple's shares rose 2.6% after hours to $124.48. The stock ended the regular trading day at $121.35. For the holiday quarter, Apple reported a year-over-year decline in iPad sales; 13 million tablets were sold in Apple's fiscal first quarter versus the 16.12 million sold last year as the tablet market continues to have issues. Apple also reported a decline in sales rung up in China, compared with the previous year's figure. Apple Watch sales were not broken out separately.
Apple reported Q1 earnings per share of $3.36, up 2% year-over-year, surpassing analyst's estimate of $3.22 per share. Revenue for the quarter was $78.4 billion. That topped last year's top line figure by 3%. Wall Street was looking for Apple to report revenue of $77.4 billion. At the end of the quarter, Apple's cash hoard amounted to $246.09 billion