AAPL: iPhone Sales Top Estimates with $51.3bn Revenue, Apple Stock Jumps 2%

Apple’s first-quarter revenue came in above estimates but lagged behind the year-ago quarter.

• Apple reported better-than-expected earnings figures on Thursday, after the closing bell. Sales of iPhone devices blew past expectations of $48.9bn with $51.3bn picked up. The company’s total revenue arrived at $94.8bn, down 2.5% from the $97.3bn in the same quarter a year ago.
• Shares of Apple AAPL edged higher by 2.5% in after-hours trading in New York. The tech juggernaut has been defying the gloomy market sentiment this year as its stock is up more than 30% year-to-date. But its market cap is still some $400bn short of its all-time high of $3tn.
• Apple CEO Tim Cook described the previous quarter as a tough one, but said that economic and currency headwinds weren’t able to detail the supply chain or dent the company’s prospects for growth. Net profits for the March quarter were down 3.4% to $24.2bn.