The thesis against owning Apple Inc. AAPL's stock was quite clear: The iPhone's momentum can't be sustained indefinitely. Moreover, the lack of any meaningful and notable upgrades between the iPhone 7 (and 7 Plus) from the iPhone 6 prompted many consumers to wait for the highly anticipated iPhone 8, which is expected to be a game changer for the smartphone industry.
However, Apple put to rest this thinking when the company reported its fiscal first-quarter results after Tuesday's market close.
In addition to a top- and bottom-line beat, Apple reported that it sold 78.3 million iPhone units in the quarter, exceeding the consensus estimate of 76 million.
As noted by Statista, the 78.3 million figure also represents Apple's best-selling quarter for iPhone units ever by 3.5 million units.
Statista added that Apple also saw strong demand for the larger iPhone 7 Plus, which is the first iPhone equipped with two back-facing camera lenses. However, some of the demand among consumers could be attributed to Samsung's woes with its flagship Note 7, which was completely taken off the market.
Here is a chart provided by Statista which puts into perspective Apple's iPhone sales in the quarter.
At last check in Wednesday's pre-market session, shares of Apple were up 5.08 percent at $127.51.
Image Credit: By Maurizio Pesce from Milan, Italia (New Apple iPhone 7 and iPhone 7 Plus) [CC BY 2.0], via Wikimedia Commons
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