Apple Reported Record Quarterly Results in Q1

Apple booked record quarterly results in its fiscal first quarter. China registered the best iPhone quarter in its history and saw double-digit year-on-year traffic growth in its stores.

“We are reporting our best-ever quarter”, driven by a 23.4% jump in iPhone sales to $85.3 billion. He added that demand for iPhones was “simply staggering,” said Apple CEO Tim Cook. Looking to the current quarter, Cook expects total revenue to grow by 13% to 16% year-on-year. Sales in China, the fastest growing region, jumped 38.8% to $25.5 billion in the October to December period.

He said the growth was fuelled by demand for its smartphones, with enthusiasm for its latest iPhone 17 lineup. The surge follows a 4% drop in sales in fiscal Q4 to $14.4 billion. Cook stated Apple continued to gain momentum in emerging markets, which include India, where it opened its fifth store in December and saw strong double-digit revenue growth. The CEO noted it continues to see the pricing for memory increasing significantly and expects it to have “a bit more of an impact on the Q2 gross margin” after minimal impact in fiscal Q1.

Net profit grew 15.9% to $42 billion, with product sales rising 16.2% to $113.7 billion and services increasing 13.9% to $30 billion. Sales of wearables and accessories dropped 2.2% to $11.5 billion, while iPad sales were up 6.3% to $8.6 billion, topping Mac sales, which dipped 6.7% to $8.4 billion. Total sales in the Americas grew 11.8% to $58.5 billion, while Europe sales rose 12.4% to $38.1 billion. The rest of Asia Pacific and Japan posted 18% and 4.7% revenue growth to $12.1 billion and $9.4 billion, respectively.