Apple Posts $78.4B Revenue Largely Propelled By 78.3M iPhone 7 Units Sold

Apple’s latest quarterly earnings report gave the company a huge boost in confidence with revenue standing at $78.4 billion. The biggest contributor to the numbers is the phenomenal performance of the iPhone 7, which sold over 78.3 million units, beating out analyst estimates by a hair’s breadth. Although the sales figures shattered records for Apple, the waning interest in smartphones for the company has been notable.

According to the press release from Apple, quarterly earnings were at $3.36 per share, which was a record. Last year, earnings per share were at $3.28.  Apple also noted that 64 percent of the revenue for this quarter came from international sales. CEO Time Cook seems quite pleased with the outcome, stressing the strength of revenue growth compared to the same time the year before.

“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,” Cook said. “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.”

As a result of the outstanding performance, the company’s shares rose 2 percent by the time the markets closed on Tuesday, Business Insider reports. However, the publication also notes how Apple’s own three-month forecast paints a rather bleak picture, especially when compared to what Wall Street expected.

There’s also the matter of weak sales of the iPad, which Apple has been trying to boost with its Pro line, CNET reports. The company managed to sell about 13.1 million units of its tablets for this quarter, which is noticeably lower than the 16.1 million units sold during the same period in 2015.