Apple’s fiscal year Q1 2017 earnings call

On the earnings call, CEO Tim Cook said Apple also saw all-time unit records for the iPhone and Apple Watch, as well as revenue records for Mac and its Services business. The iPhone accounts for two-thirds of Apple’s sales and Apple said sales of the new model helped lift total iPhone shipments 5% to a record 78.3m for the three months ending 31 December.

Apple also reports that it pulled in $78.4 billion in quarterly revenue during Q1 2017, an all-time record for the company. Analysts had been looking for per-share earnings of around $3.22, with revenue expected to be around $77.8 billion, at the high end of what Apple had forecast in October.

Sales of the iPhone, Apple’s flagship product, rose 5 percent year-over-year.

Without providing specific numbers like it does for the iPhone, iPad, and Mac, Apple said it broke records for both Apple Watch revenue and unit sales. The device has been a sales driver for the company for many years but in 2016 it saw three quarters of sales declines.

At 78.3 million iPhone units increased 5% year over year but assuming that the last week of December was 1/14 of sales the equivalent number of iPhones would be 72.7 million, down nearly 3% year over year. Meanwhile, Mac sales edged higher to 5.4 million, beating analysts’ view for 5.2 million.

iPad sales were weak, barely topping 13 million units, while expectations were for 15 million.

The Cupertino company reported revenues of $78.3 billion, an increase of 9% from a year ago figures, on diluted earnings of $3.38 per share.

Services, which includes the App Store, Apple Pay and Apple Music, led the product categories with an 18 percent gain. Apple maintained its quarterly dividend at 57 cents a share. ” He went on to say that Apple’s Services “grew strongly” in comparison to 2016″.

Apple released its fiscal 2017 first-quarter financial results today. Gross profit margin are expected between 38% to 39%, and operating expenses between $6.5 billion to $6.6 billion. Investors greeted Tuesday’s earnings enthusiastically in the opening minutes of the after hours sessions, sending the stock higher to $124.58, up 3.23 (+2.66%).