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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

iPhone sales lift Apple to record quarter

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LOS ANGELES: Apple has reported a rebound in iPhone sales to lift the tech giant to record revenue in the past quarter in quarterly results that eased concerns of slowing growth.


The results showed strong demand for Apple’s iPhone 7 models launched last year, with demand outpacing supply.


Revenue climbed to an all-time record $78.4 billion compared to $75.9 billion in the same period a year earlier, the company said in its earnings update for the quarter ending in December.


Compared with the same quarter a year earlier, profit dipped 2.6 per cent to $17.9 billion.


Apple shares were up nearly three per cent to $124.80 in after-market trades that followed release of the earnings results.


Apple said that it sold 78.3 million iPhones up five per cent from the same prime holiday shopping period the prior year.


The sales made Apple the world’s top smartphone vender in the final three months of last year, overtaking Samsung, according to industry tracker Strategy Analytics.


The growth promised to assuage concerns by investors that iPhone sales, which account for the bulk of Apple’s revenue, were softening due to three quarters of sequential decline.


“We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way,” said Apple chief executive Tim Cook. The California-based company said it “set all-time revenue records for iPhone, services, Mac and Apple Watch.”


The amount of money taken in from online services and digital content grew strongly, led by unprecedented buying at Apple’s online App Store, according to Cook.


“I have not yet done the numbers, but I think Apple had the best quarter in the history of humanity,” Asymco analyst Horace Dediu said in a comment in Twitter.— AFP


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