Stories

Apple crushes expectations, sees record holiday quarter

Apple CEO Tim Cook during a new-product announcement last year in Cupertino, CA. Photo: Marcio Jose Sanchez / AP

Apple on Thursday reported sales and earnings well ahead of projections and, importantly, also said holiday sales should be a record and ahead of many analysts' expectations. Its sales of 46.6 million iPhones last quarter came in about 500,000 units ahead of expectations.

Shares soared in after-hours trading to a new record, changing hands recently at $173.72, up $5.61, or more than 3%.

Why it matters: Going into the earnings report, there were concerns about both iPhone 8 demand and iPhone X supply. Thursday's report should go a long way toward answering those questions.