Feb 01, 2017 10:18 PM EST

Apple Earnings Hit Highest Quarterly Income Ever Because Of iPhone 7 Sales

Every time a new iPhone model is out, the buying markets are eager to check it out. However, the latest iPhone 7 made a huge impact since it played a major role in boosting the earnings of the company. Apple was able to hit its highest quarterly income with over $27 billion.

On Tuesday, Apple made a big announcement for the financial results for its fiscal 2017 first quarter. The company was able to hit a record quarterly revenue of $78.4 billion and at the same time, unexpected quarterly earnings per share of $3.36.

Tim Cook, Apple’s CEO said “We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way. We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch.”

He added, “Revenue from Services grew strongly over last year, led by record customer activity on the App Store, and we are very excited about the products in our pipeline.”

Luca Maestri, Apple’s CFO shared that their company had an outstanding business performance. Their hard work paid off because they were able to achieve a new all-time record of earning over $27 billion cash flow.

In the press release, Cook revealed that Apple was able to sell more iPhones than ever. An overall total of 78.2 million iPhones was sold in the quarter. Based from that, the company was likely able to generate about two-thirds of its sales from iPhone 7. That is why they consider it to be an exceptional quarter with iPhone given that the smartphone was their biggest holiday sales.

When it comes to Apple’s service category, Maestri pointed out that both App Store and App Music has shown significant growth. There will be continued development in order to assure their loyal clients that will provide quality products and services.

Meanwhile, Phil Schiller, Apple’s senior vice-president of worldwide marketing, finally addressed the growing rage for MacBook Pro 2016 battery issues says, Jobs & Hire.

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