Apple rides the wave of soaring iPhone sales, shares rally to highest in more than a year – CNBC

Sales in China were disappointing, falling 12 percent year-over-year in the fiscal first quarter, though Cook remains “very bullish” on a long-term future in China.

The company reported better-than-expected earnings of $3.36 a share on revenue of $78.4 billion for the quarter ended Dec. 31, 2016. Both figures were the highest on record, and well above estimates of $3.21 a share on revenue of $77.25 billion, according to a Thomson Reuters consensus.

Services, including the App Store, iTunes, Apple Music, Apple Pay and iCloud, reached $7.17 billion. That is up 18 percent year-over-year and above the $6.91 billion estimated by StreetAccount.

Apple also included a cautious second quarter guidance, expecting revenue to hit between $51.5 billion and $53.5 billion, and a gross margin of about 38-39 percent. A Thomson Reuters consensus of analysts expected a second quarter guidance for revenue of $53.79 billion.

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