Apple’s revenue growth accelerates on strong iPhone sales

Apple Inc posted better-than-expected holiday quarter sales and profits on Wednesday. The strong earnings came mainly from a surge in sales as its new 5G iPhones tallied a 57% increase in China and pushed the company’s handset revenue to a new record.

For the quarter ended Dec. 26, the company’s revenue soared 21% to $111.44 billion. Earnings per share climbed to $1.68 from $1.25, IBES data from Refinitiv showed. Moreover, sales of iPhones reached $65.60, completely surpassing a record set three years ago. China was accounted for a large percentage of sales, with overall sales advancing 57% to $21.31 billion.

The company’s shares performed weakly during after-hours trade, but they recovered nearly 12% since Jan. 15. In addition to this, the company’s shares advanced 85% over the previous year, placing larger than the 46% record for the Nasdaq 100.