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Apple Q1 Results Top Wall Street Estimates Driven By Strong IPhone Demand

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Apple Inc. (AAPL) Wednesday reported a first-quarter profit that trumped Wall Street estimates, as the iPhone maker reported its "highest quarterly revenue ever" driven by strong demand for its iPhone 11 and 11 Pro models during the holiday season. The tech giant also issued a strong revenue outlook for the second quarter.

Apple's first-quarter profit rose to $22.24 billion or $4.99 per share from $19.97 billion or $4.18 per share last year. On average, 34 analysts polled by Thomson Reuters expected earnings of $4.55 per share for the quarter.

Apple's revenues rose to $91.82 billion from last year's $84.31 billion. Analysts had a consensus revenues prediction of $88.50 billion.

Apple's revenues from iPhones rose to $55.96 billion from $51.98 billion last year. Mac sales declined to $7.16 billion from $7.42 billion last year, and iPad sales dropped to $5.98 billion from $6.73 billion last year. Wearables, Home and Accessories segment improved to $10.01 billion from $7.31 billion last year, while services revenues increased to $12.72 billion from $10.88 billion a year ago.

"We are thrilled to report Apple's highest quarterly revenue ever, fueled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables," said CEO Tim Cook.

"During the holiday quarter our active installed base of devices grew in each of our geographic segments and has now reached over 1.5 billion. We see this as a powerful testament to the satisfaction, engagement and loyalty of our customers — and a great driver of our growth across the board."

Looking forward to the second quarter, Apple expects revenues between $63.0 billion and $67.0 billion. Analysts currently project revenues of $62.45 billion.

AAPL closed Wednesday's trading at $317.69, up $8.74 or 2.83%on the Nasdaq. The stock further gained $6.81 or 2.14% in the after-hours trading.

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