Apple Blows Out Q1 Earnings Estimates, Sees Record EPS

Apple Inc. AAPL reported its first quarter earnings after the close on Tuesday. All eyes were on iPhone 7 numbers, as Q1 marks the first full quarter of Apple’s latest release.

• Apple reports Q1 EPS $3.36, beats by $0.12
• Q1 Revenues came in at $78.4 billion, beating by $20 million
• Apple saw a record 78.3 million iPhone Sales in the quarter (vs. 74.8 million in Q1 2016)
• 13.1 million iPads Sold
• 5.4 million Macbooks sold
• Apple sees Q2 revenue in the $51.5-53.5 billion range vs. analysts estimates of $53.9 billion

"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," said CEO Tim Cook. "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."

Shares of Apple were up more than 2.75 percent at $124.80 in the after-hours session.