Apple beats on revenue and profit

Picture: Getty Images

Apple beat on the top and bottom lines as sales of iPhone sales grew for the first time in a year.

But the pick up in the company’s business, which lifted Apple shares 2% in after hours trading on Tuesday, may not prove as robust as some have hoped. Apple’s sales forecast for the first three months of 2017 fell short of Wall Street targets.

But Apple returned to growth after three quarters in which its revenue fell on an annual basis, helped by record sales of its most important product, the iPhone. Apple said that this quarter’s earnings per share, at $3.36 per share, set a company record.

Apple also declared a cash dividend of $0.57 per share on Tuesday.

Here are Apple’s key earnings figures versus Wall Street’s expectations:

Q1 EPS (GAAP): $3.36, up 2% year-over-year, versus expectations of $3.22

Q1 revenue: $78.4 billion, up 3% year-over-year, versus expectations of $77.4 billion

Gross margin: 38.5%, versus expectations of 38.4%

iPhone unit sales: 78 million, up 4% year-over-year, versus expectations of 76.3 million

iPhone ASP: $694, versus expectations of $688

iPad unit sales: 13 million, versus 16.12 million in the year-ago quarter

Mac unit sales: 5.3 million, versus 5.3 million in the year-ago quarter

Upcoming quarter revenue guidance: between 51.5 billion and 53.5 billion

Earnings call live blog:

We’ll be updating this post as the numbers come in — click here for the latest.

Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.