Apple reported a rebound in iPhone sales to lift the tech giant to record revenue in the past quarter in quarterly results that eased concerns of slowing growth. The results showed strong demand for Apple's iPhone 7 models launched last year, with demand outpacing supply. Revenue climbed to an all-time record $78.4 billion compared to $75.9 billion in the same period a year earlier, the company said in its earnings update for the quarter ending in December. Compared with the same quarter a year earlier, profit dipped 2.6 percent to $17.9 billion.
Apple said that it sold 78.3 million iPhones -- the most ever in a quarter -- up five percent from the same prime holiday shopping period the prior year. The sales made Apple the world's top smartphone vender in the final three months of last year, overtaking Samsung, according to industry tracker Strategy Analytics. The California-based company said it "set all-time revenue records for iPhone, services, Mac and Apple Watch."
