Apple Inc. reported a bigger-than-expected rise in iPhone sales for the holiday quarter, driven by strong demand for the latest version of its flagship smartphone. Apple sold 78.29 million iPhones in the first quarter ended Dec. 31, up from 74.78 million last year, marking the first quarterly growth in iPhone sales in a year. Analysts on average had estimated iPhone sales of 77.42 million, according to research firm FactSet StreetAccount. The results, which reflected the first full quarter of iPhone 7 sales, come at a time when global demand for smartphones is slowing and cheaper Android alternatives are flooding the market. Cowen & Co and Mizuho Securities had expected revenue of about $7 billion, while FactSet had forecast $6.91 billion.

Source: CBC News January 31, 2017 21:44 UTC