Following the close of trading on Tuesday, Apple releases the results for the first fiscal quarter of fiscal 2020. Unexpectedly for experts, iPhone smartphone sales soared by 8% compared to the same period of the previous year and reached $55.96 billion.
This result delighted investors, as smartphone sales were down in the previous four quarters. A quarter earlier, iPhone sales were $ 33.36 billion. Immediately after reporting, Apple shares rose 3%. The trend is bullish.
The sales gain was partly aided by the new iPhone 11 smartphone model. Market participants were the first to evaluate the quarterly results for this model: the iPhone 11 came on the market in September last year.
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