iPhone sales, China help Apple beat estimates

Apple on Tuesday reported quarterly sales and profits that beat analyst expectations as consumers bought premium versions of its 5G iPhones and signed up for the company's subscription services.

Driven by better-than-expected iPhone sales, total revenue for the company hit $81.43 billion, a rise of 36.4% - that was well above analyst expectations of $73.30 billion.

Apple launchED its iPhone 12 models - all with 5G connectivity - later than usual last year...

Sales that would normally happen in the company's first fiscal quarter were pushed to the second.

Executives warned investors to expect a steeper drop in iPhone sales than usual in the third quarter.

The other major driver was Apple’s services business, which includes paid subscriptions for television and music as well as its App Store.

Chief Executive Tim Cook told Reuters that Apple now has 700 million subscribers on its various platforms, up from 660 million a quarter earlier.

Apple’s strongest sales growth came from China, where customers are buying up accessories such as the Apple Watch to pair with their iPhones.

The results come as investors who once worried that Apple was too dependent on sales of its signature computing device, the iPhone, have pushed the company's value to nearly $2.5 trillion.