Apple iPhone 8 Rumors Suggest Higher Price For 10th Anniversary Smartphone

Posted February 02, 2017

Apple surprised with record sales and record iPhone sales in the December quarter, the company's first of its 2016-17 financial year.

The strong quarter boosted the company's cash hoard to $246.09 billion, up $8.4 billion from the previous quarter, according to CNBC.

The results compare to revenue of $75.9 billion and earnings per diluted share of $3.28 in the year-ago quarter. And yes, that was largely pushed by iPhone sales, with Apple saying it sold more 8 percent more devices than past year, in addition to record revenue for Mac, Watch and services (like the App Store).

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"iPad" sales were also a low point for the company, coming in at 13 million units sold versus the 16.2 million in the same quarter of 2015.

It's working already. The services business grew 18% from the December-ending quarter a year ago, contributing $7.2 billion of revenue during the December-ending quarter. Shares were up 2.5% in after-hours trading, helped by the fact that the company beat analysts' expectations for the quarter.

Revenue from services, including digital music, Apple Pay, cloud storage and applications, rose 18% in Q1 to $7.2 billion, beating analyst exceptions for $6.9 billion, according to data from FactSet cited by CNBC. The company is expecting operating expenses between $6.5 billion and $6.6 billion, and a tax rate of 26 percent. Global sales accounted for 64% of the quarter's revenue, it noted. The Christmas period was seen as crucial for for Apple, whose iPhone sales have begun to slide in recent years.

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Apple provided guidance for its fiscal second quarter.

Cowen & Co analyst Tim Arcuri said Apple "pulled that [pricing] lever like never before" with the iPhone 7 Plus, suggesting there's "even more room" for with the forthcoming releases.

Keeping with (a rather sad) tradition, Apple did not give a specific number for its Apple Watch sales, opting to keep it in the "Other Products" category, though Cook and Co. did report that the product has a record quarter.

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