Apple stock surges on record-breaking Q1 2017 earnings

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AAPL stock chart
Apple's stock surged in after-hours trading after the company announced record-breaking Q1 2017 results.
Photo: Google Finance

Apple’s stock saw a big surge after the company announced record-breaking earnings for Q1 2017.

AAPL was up almost 3 percent in after-hours trading to $124.50. Apple stock has been climbing recently but was depressed in anticipation of today’s results.

Apple handily beat Q1 estimates on almost every score — record revenues, record iPhone sales, and record sales of Apple Watch, Macs and services.

In just three months, Apple sold:

  • 78.3 million iPhones
  • 13.1 million iPads
  • 5.4 million Macs

In a statement, Apple CEO Tim Cook said: “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.”

He added: “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.”

During the regular session that ended before Tuesday’s earnings call, Apple stock dipped 0.3 percent to 121.35. Most Wall Street analysts didn’t expect record results from Apple in Q1, which included the 2016 holiday shopping season. They expected results to be muted in anticipation of a big iPhone refresh this fall, when Apple will launch the iPhone 8, its 10th-generation smartphone.