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  1. Apple iPhone sales beat estimates, records 18% growth in revenue

Apple iPhone sales beat estimates, records 18% growth in revenue

Apple's services business, which includes the App Store, Apple Pay and iCloud, recorded an 18.4 percent growth in revenue.

By: | New Delhi | Published: February 1, 2017 3:34 AM
The company's net income fell to .89 billion, or .36 per share, in the quarter from .36 billion, or .28 per share a year earlier. (Reuters) The company’s net income fell to .89 billion, or .36 per share, in the quarter from .36 billion, or .28 per share a year earlier. (Reuters)

Apple’s services business, which includes the App Store, Apple Pay and iCloud, recorded an 18.4 percent growth in revenue, helped by the popularity of games such as Pokemon Go and Super Mario Run and higher revenue from subscriptions.

The company forecast total revenue of between $51.5 billion and $53.5 billion for the current quarter. Analysts, on average, had expected revenue of $53.79 billion, according to Thomson Reuters I/B/E/S.

The company’s net income fell to $17.89 billion, or $3.36 per share, in the quarter from $18.36 billion, or $3.28 per share a year earlier. Analysts on average had expected $3.21 per share, according to Thomson Reuters.

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Revenue rose 3.3 percent to $78.35 billion in the quarter, compared with the average estimate of $77.25 billion.

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