Apple released its first quarter earnings on Thursday exceeding Wall Street\u2019s expectations, seeing its revenue skyrocket 16% from the same time last year.<\/p>\n
\u201cApple is proud to report a remarkable, record-breaking quarter, with revenue of $143.8 billion,\u201d Tim Cook, the company\u2019s CEO, said in a statement<\/a>. \u201ciPhone had its best-ever quarter driven by unprecedented demand, with all-time records across every geographic segment.\u201d<\/p>\n The tech titan\u2019s reported revenue went far beyond analyst\u2019s forecasts of $138.4bn. Apple\u2019s earnings per share, $2.84, also surpassed Wall Street\u2019s estimate of $2.68 per share. Last year, during the company\u2019s first quarter, it reported $124.3bn, typically Apple\u2019s biggest of the year after holiday shopping.<\/p>\n iPhone revenue shot up 23% since the same period last year. The company pointed to strong sales of its new line-up of the iPhone 17, which debuted in September. The slate of new smartphones, in particular the iPhone 17 and 17 Pro, has reinvigorated demand for Apple\u2019s products, especially in China, where sales had been lagging behind projections.<\/p>\n This quarter the company drove strong results in China with sales in the region climbing 38%. Cook told CNBC<\/a> that this was largely due to iPhone sales.<\/p>\n It is widely rumored that Apple is planning to debut its first folding phone sometime in 2026, which would bring it in line with Samsung, Motorola, Google and other companies, which have offered folding smartphones for years.<\/p>\n Over the past year, all eyes have been on Apple\u2019s roadmap for integrating artificial intelligence<\/a> into its products. The company has shown steady financial growth as iPhone sales have remained strong, but investors have worried that Apple<\/a> is getting left behind its competitors when it comes to AI.<\/p>\n