Apple reports R1 trillion in earnings and 1 billion active products

And the company is on track for more services growth this year, as it reported $5.5 billion in services revenue during the first quarter of its 2016 fiscal year, which ended in December. Overall, the company reported revenue of $75.9bn (£53.04bn) and net quarterly profit of $18.4bn (£12.86bn).

Apple is used to being the overachieving popular kid in Silicon Valley, but the iPhone maker is about to face its most hard quarter since the first iPhone was announced, after the company forecast a decline in sales.

Apple’s “Other Products” category, which includes the Apple Watch, saw revenue jump 26 per cent year-on-year to $6.056 billion (£4.23 billion), although unit sales were again not revealed.

Apple sold 74.8 million iPhones, just below what analysts expected but slightly ahead of the 74.5 million iPhones Apple sold in the last three months of 2014, in what was one of the most successful quarters in corporate history.

Cook called Apple’s services business “an unbelievable asset” for the company, and noted that Apple now has 1 billion “active” devices in use that can drive services sales.

Looking at the big picture, the iPhone lineup performed particularly well, especially because these figures compare the 6s (which is an update to the core model) with the 6 (which was a completely new generation, so sales were obviously higher). Global sales contributed to 66 percent of this quarter’s revenue. Apple sold 9.8m iPads in the previous quarter and 21.4m iPads in the year-ago quarter.

Mac sales also fell, to 5.3 million, a four percent decline year on year. “To be fair, growth engines inevitably hit a saturation point, but this is something that Apple has been able to maintain since it launched the iPhone in 2007”.

Apple does not report individual sales figures for its various products, just bundling all “other” products apart from iPhone sales.

China contributed close to 24.2 percent of total revenue with $18.37 billion revenue.

Two thirds of Apple’s revenue is now generated outside the U.S., Cook explained, “so foreign currency fluctuations have a very meaningful impact on our results”.