Apple on Tuesday reported a rebound in iPhone sales to lift the tech giant to record revenue in the past quarter in quarterly results that topped most forecasts.
The results showed strong demand for Apple’s iPhone 7 models launched last years, even as profits dipped 2.6 percent to $17.9 billion.
Revenue in the quarter climbed to an all-time record $78.4 billion compared with $75.9 billion in the same period a year earlier, the company said in its earnings update for the fiscal first quarter.
Apple said that it sold 78.3 million iPhones in the quarter, up five percent from the same prime holiday shopping period the prior year.
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,” Apple chief executive Tim Cook said in the earnings release.
“We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch.”