Apple Hits Huge Milestone, Investors Are Unimpressed

Wednesday was a tough day for tech stocks and things didn't improve for Apple in after-hours trading—despite the fact that it had just reported record-breaking results. The company reported a record $111.4 billion in revenue for its fiscal first quarter, well ahead of expectations and up 21% from the same period in 2020, but it played to a "tough crowd," the Wall Street Journal reports. Shares slipped around 3% after the results were released. Analysts say that with Apple's share price having surged 84% over the last year, the impressive results were already priced in, and its future remains uncertain.

Apple said iPhone sales totaled $65.6 billion in the October to December quarter, up 17% from the previous year, the AP reports. Profits were up 29%, to a record $28.8 billion. Analysts say strong demand for the iPhone 12—which was released later in the year than previous iPhone models—helped push the company to its first quarter with more than $100 billion revenue. The only other American companies to have passed that milestone are Walmart and Exxon Mobil, the New York Times notes. (More Apple stories.)