IPhone Sales Crush Estimates, Surge 8%

Apple's iPhone sales revenue increased by nearly 8 percent in the first quarter of this fiscal year, boosted by strong demand for new devices.

The company said in its business results report that the value of its sales of the iPhone increased to $ 55.95 billion during the three months ending last December, compared to $51.98 billion during the same period of 2019.

Analysts had expected that Apple's iPhone sales would reach $ 51.38 billion during the same period, however, the strong sales came to support the growing demand for the iPhone 11 and iPhone 11 Pro.

The sales of "Mac" devices fell to $ 7.16 billion during the first quarter of 2020, compared to $ 7.41 billion in the same period last year.

IPad sales also fell to $ 5.97 billion during the first quarter of fiscal year 2020, compared to $ 6.72 billion in the same period last year.

The company’s results showed that profits and revenues increased more than the estimates during the first financial quarter of this year.

At the end of today's session, Apple shares rose by about 2.8 percent to $ 317.69, increasing by more than 2% in the post-session trading.

Apple, which is expected to release its first 5G-powered phones in 2020, will be able to beat Huawei and Samsung by the end of 2020.

Last November, Apple released a new 16-inch MacBook Pro. The new MacBook features 8-core processors, up to 64GB of memory, next generation graphics with up to 8GB of VRAM and a new advanced thermal design.

Also, The Mac includes a longer battery life, Touch Bar, Touch ID, Touch trackpad and the Apple T2 Security Chip.