Total first quarter group revenue of $78.4bn represents an increase on the $75.9bn in Q1 2016, assisted by record iPhone, Services and Mac revenues. The shares rose 3% in afterhours trading.
iPhone sales, which account for around 70% of group revenue, increased by 5% to $54.4bn following the launch of the iPhone 7. Services, which includes revenues from the app store and Apple Pay, remains the fastest growing division with revenues increasing 18% to $7.2bn.
Mac revenues were also $7.2bn, up 7%, while iPad revenue fell 22% to $5.5bn. Revenue from other products, which include Apple TVs and iPods, fell 8% to $4bn.
Net income fell to $17.9bn, reflecting a fall in profit margins. The quarterly dividend of $0.57 per share, 9.6% above last year.
Looking forwards, Apple CEO Tim Cook said he is very excited about the products in the pipeline. In Q2, revenue is expected to be between $51.5-53.5bn, around 1.8-5.7% above last year. After recording a gross profit margin of 38.5% this quarter, Apple expects a similar figure in Q2. This is, however, set to be lower than last year's 39.4%.
Unless otherwise stated, all estimated figures, including prospective dividend yields, are taken from a consensus of analyst forecasts compiled by Thomson Reuters. These estimates should not be taken as a reliable indicator of future performance.
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