The iPhone just had its best quarter ever
TL;DR
Apple's iPhone achieved its best-ever quarter in Q1, driven by record sales in China and India, with overall revenue reaching $85 billion. The iPhone 17's popularity and strong performance across all regions contributed to this milestone.
Key Takeaways
- •iPhone sales hit a record $85 billion in Q1, up from $69 billion last year, marking its best quarter ever.
- •China and India were key growth markets, with China setting an all-time revenue record and India achieving quarterly records for multiple products.
- •The iPhone 17, released in September, significantly boosted demand, leading to unprecedented sales across all geographic segments.
- •Apple's overall sales increased in every region, including the Americas and Europe, showing broad global growth.
- •CEO Tim Cook highlighted strong double-digit traffic growth in Chinese stores and noted India's importance as a major smartphone market.
Apple had a great Q1, though iPhone sales were the real standout. The company reports that its signature device had its best quarter ever, thanks partially to a surge of sales in regions like China and India.
“iPhone had its best-ever quarter driven by unprecedented demand, with all-time records across every geographic segment,” said CEO Tim Cook during the company’s earnings call Thursday. Apple’s earnings report shows the company sold $85 billion worth of iPhones during its first quarter, up from $69 billion in the same period last year.
During the call’s Q&A portion, Cook revealed that China had seen a huge surge in sales. “It was driven by iPhone, where we set an all-time revenue record,” Cook said, noting that it was the “best iPhone quarter in history in Greater China.” Cook said the sales bump had been driven by enthusiasm for the iPhone 17, which was announced in September. The new model has proven to be significantly more popular than the company’s previous iPhone.
Apple’s earnings report shows that its overall sales in the Greater China region jumped from $18.5 billion in the year-ago quarter to $25.5 billion. Cook noted that, overall, the company had fared quite well in the region. “I would tell you that during the quarter, traffic in our stores in China grew by strong double digits year over year,” he said.
Cook also highlighted India as another region where iPhones — as well as other products — seemed to be flying off the shelves. “We did set a quarterly revenue record during the December quarter,” Cook said, noting that records had been set for “iPhone and Mac and iPad [sales] and an all-time revenue record on services.” Cook called it “a terrific quarter” in a country that he noted is “the second largest smartphone market in the world and the fourth largest PC market.”
The iPhone aside, Apple’s overall sales jumped across every geographical region, its earnings report shows. In the Americas, for instance, sales went from $52.6 billion a year ago to $58.5 billion, while in Europe, they increased from $33.8 billion to $38.1 billion.