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Apple Inc. posted record quarterly results for its holiday quarter Tuesday afternoon while easily topping expectations for revenue and earnings.
Shares AAPL, +2.83% were up 2.6% in after-hours trading as the company also gave a revenue forecast for the current quarter than came in ahead of the consensus view.
Apple generated net income of $22.24 billion, or $4.99 a share, up from $19.97 billion, or $4.18 a share in the year-earlier quarter. Analysts surveyed by FactSet were expecting $4.54 in earnings per share.
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Revenue for the period increased to $91.82 billion from $84.31 billion and came in significantly above the FactSet consensus, which called for $88.48 billion.
Read: Apple suppliers caution coronavirus could impact planned production hike, says report
Apple projects $63 billion to $67 billion in revenue for the March quarter, whereas analysts were expecting $62.41 billion.
Revenue for its wearables and accessories category grew 37% to $10.01 billion and came in ahead of the FactSet consensus of $9.85 billion. Apple generated $12.72 billion in revenue from services, up 17% from a year earlier, though this came in below the $13.06 billion consensus.
Revenue from iPhones totalled $55.96 billion and made up more than half of the company’s overall sales once again, ticking up more than 7% from a year ago. Analysts had been calling for $51.38 billion from the category.
The company saw improvement in its Greater China business relative to a year ago, when it cited emerging-market challenges as a reason for its disappointing holiday performance. This time around, Apple generated $13.58 billion in Greater China revenue, up 3% from a year prior.
Apple shares have gained 27% over the past three months, as the Dow Jones Industrial Average DJIA, +0.66%, of which Apple is a component, has added 6.1%.
