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Apple Q1 Results Smashes Wall Street Expectations; Shares Up 5%

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Shares of Apple Inc. (AAPL) jumped nearly 5% in extended trading session on Thursday after the California-based tech giant reported first-quarter results, with both earnings and revenues trumping Wall Street's expectations, driven by strong demand for its latest iPhone 13 and other services.

Apple said its first-quarter profit surged to $34.63 billion or $2.10 per share from $28.76 billion or $1.68 per share last year. Twenty-seven analysts polled by Thomson Reuters had predicted earnings of $1.89 per share for the quarter.

First-quarter revenues rose 11 percent to a new all-time record of $123.95 billion, compared to $111.44 billion last year. Twenty-three analysts estimated revenues of $118.66 billion for the quarter.

The revenue was primarily driven by an increase in the sales of iPhones and services year-over-year. Sales of iPhones was $71.63 billion, compared to $65.60 billion last year. Apple's services revenues also increased to $19.52 billion from $15.76 billion last year.

"This quarter's record results were made possible by our most innovative lineup of products and services ever," said Tim Cook, Apple's CEO. "We are gratified to see the response from customers around the world at a time when staying connected has never been more important. We are doing all we can to help build a better world — making progress toward our goal of becoming carbon neutral across our supply chain and products by 2030, and pushing forward with our work in education and racial equity and justice."

"The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices," said Luca Maestri, Apple's CFO.

Apple's board of directors has declared a cash dividend of $0.22 per share, which is payable on February 10, 2022 to shareholders as of February 7, 2022.

AAPL closed Thursday's trading at $159.22, down $0.47 or 0.29%, on the Nasdaq. The stock, however, jumped $7.94 or 4.99% in the after-hours trading.

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