Apple Inc. added entered its highest quarterly revenue yet as the new iPhone 12 powered the company to its first $ 100-billion quarter in sales.
The smartphone giant generated revenue of $ 111.4 billion in its first fiscal quarter, up from $ 91.82 billion a year earlier and well ahead of the FactSet consensus forecast, which demanded $ 103.27 billion .
Shares of Apple AAPL,
they were off 0.7% in after-hours trading Wednesday after the report.
Although Apple’s latest line of iPhones was only available for part of the holiday quarter, the company still saw smartphone sales, recording $ 65.60 billion in sales for the segment compared to $ 55.96 billion years earlier. Analysts modeled $ 59.53 billion in iPhone sales.
Overall, Apple reported net revenue of $ 28.76 billion, or 1.68 installments, up from $ 22.24 billion, or $ 1.25 a share, in the prior period. Analysts expected $ 1.42 a share in earnings.
Apple continued to benefit from strong demand for products that could help in remote work and school settings. The company saw iPad revenue soar to $ 8.44 billion from $ 5.98 billion as Mac revenue grew to $ 8.68 billion from $ 7.16 billion. Analysts had estimated $ 7.38 billion in iPhone sales and $ 8.68 billion in Mac sales.
The services industry also grew, reaching $ 15.76 billion in the fourth quarter of December, up from $ 12.72 billion. Sales from Apple’s wearables, home, and utilities sector rose to $ 12.97 billion from $ 10.01 billion. The FactSet consortium claimed $ 15.17 billion in services revenue and $ 11.49 billion for the wearables sector.
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Apple has not provided financial guidance in earnings distribution, in line with past patterns. Analysts named FactSet tracked $ 74.05 billion in March quarter sales and 91 cents in earnings per share for the period.
Shares of Apple gained 7.6% in the week prior to this earnings report, which would be the biggest one-week gain before earnings since at least 2011, according to Dow Jones Market Data.
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Apple shares typically rise weekly and monthly up to earnings, but historically they have fallen in the week and month following a report. Over the past 10 years, Apple shares have fallen an average of 1.9% in the week following earnings report and a 2.5% fall in the month following report, according to Dow Jones Market Data.
Shares have gained 84% over the past year as the Dow Jones industrial average DJIA,
increased by about 6%.