iPhone 7 slays in a record-setting $78.4B quarter

One year ago, Apple reported a record-breaking profit: $18.4 billion on $75.9 billion in revenue. But setting the bar so high was a mixed blessing — Apple’s huge uptick in growth ended there, with declining iPhone sales and profits in the three quarters since.

But the company turned that around with the iPhone 7 and 7 Plus, Apple CEO Tim Cook said in Apple’s Q1 earnings report on Tuesday. The company broke its own record with $78.4 billion in revenue for the quarter ending Dec. 31, and $54.3 billion of that came from iPhones, of which Apple sold 78.3 million, another record. Profit in the quarter slipped 2.6 percent to $17.9 billion.

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