It appears iPhone sales really are on the mend.
Apple posted what it called “all-time record” earnings for the three months ending December — with quarterly revenue of $91.8 billion, up 9% from the same period last year and well above Wall Street analysts’ $88.5 billion projection.
The record performance was driven by strong iPhone sales during the crucial holiday season, CEO Tim Cook said in the company’s earnings release Tuesday. iPhone sales grew nearly 8% to $56 billion in the three months, an important comeback after last year’s slumping demand, which resulted in declining iPhone sales in each quarter of 2019.
Sales for the services and wearables segments of Apple’s business, which many herald as the future of the company, also contributed to the successful quarter.
Apple’s stock rose as much as 2.7% in after-hours trading Tuesday, after already having closed the day up 2.8%.