Apple Reports Highest Ever Quarterly Revenue as iPhone Sales Top Estimates

New York, Apple reported its highest ever quarterly revenue, as the iPhone 7 helped it return to a growth in sales in the final three months of 2016.

In its first full quarter since the iPhone 7's release, Apple reported net sales of $78.4 billion, up 3% on the same period a year ago.

Chief executive Tim Cook said Apple had sold "more iPhones than ever before", adding that the demand was particularly high for the larger iPhone 7 Plus during the quarter.

It had also set new records for revenues from its Mac, Apple Watch and services divisions, he said.

Apple reported revenue of $54.3 billion from iPhone sales, along with $7.2 billion from the Mac, $5.5 billion from the iPad and $4.0 billion from other products, including the Apple Watch.

Apple shares rose 3% in after-hours trading following the results.

Apple had suffered three quarters in a row of falling revenue as mounting competition, particularly from Chinese rivals, hit sales of its flagship iPhone.

In April, the firm reported its first fall in quarterly revenue since 2003, hurt by slowing business in China.

A continued slowdown in iPhone sales - which account for two thirds of income - led to Apple reporting a drop in annual revenue in October, the first such fall in 15 years.

The iPhone 7 models, which were released in September and included an improved camera, now account for about 17% of Apple's phone sales.

Source: Qatar News Agency