Apple Reports Record First Quarter Results

Main points from the results:

• Apple back on top after posting 78 million iPhone sales

• Apple reported better-than-expected F1Q-17 results in a 14-week quarter as iPhone sales beat relatively muted expectations.

• However, guidance for F2Q-17 was below expectations driven largely by FX headwinds and higher-than-anticipated opex.

• Investors' focus has already shifted to F2H-17 and the iPhone 8 launch, suggesting weaker guidance will be overlooked.

• Apple’s board of directors has declared a cash dividend of $0.57 per share

Apple is providing the following guidance for its fiscal 2017 second quarter:

• Revenue between $51.5 billion and $53.5 billion

• Gross margin between 38 percent and 39 percent

• Operating expenses between $6.5 billion and $6.6 billion

• Other income/(expense) of $400 million

• Tax rate of 26 percent