Apple Stock Rockets to Record as ‘Amazingly Strong’ Earnings Calm Pandemic iPhone Fears

Apple shares have surged to an all-time high following the tech company’s robust first-quarter earnings report.

The firm scored record revenue and earnings and forecast a revenue rise of 10 per cent for the current quarter.

The iPhone maker’s stock has also rocketed to a fresh record.

Record-breaking iPhone sales propelled Apple to record-breaking sales figures for the first quarter of its financial year.

It sold 40.5 million iPhones, 17 per cent more than a year ago.

China was one of the key countries driving sales in the quarter with 14.5 million iPhones sold in the country.

Chief financial officer Luca Maestri said “the App Store continues to set new records, driven by a record number of paid transactions”.

“With a growing number of payments, users are spending more time on their apps and engaging with their services longer.”

Apple paid out $30 billion to developers in the quarter, double the amount a year ago.

Apple’s online store raked in $20 billion in revenue, a 37 per cent increase on the year-ago quarter.

Touting progress from the relaunch of the Apple Watch, Maestri said the “Apple Watch is off to a great start”.

Revenue from services including App Store sales grew 40 per cent to $10.6 billion.

The firm said it had 14 million paid subscriptions on its platform, up from 12 million a year ago.

The firm paid Apple Store employees 3.4 per cent more than the previous year to help spur growth, a figure picked up by Business Insider.

The Apple Store brought in 7.4 per cent more revenue, while the Apple Music subscription arm grew its average subscription by 45 per cent.

Elsewhere, the company’s services division was able to absorb the impact of a sharp fall in gross margin, to 42.4 per cent.

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