Apple outpaces estimates with $91 billion revenue in 1st quarter since iPhone 11 release

Kathryn Krawczyk

Apple might just be getting over its iPhone slump.

In its first quarterly report of the fiscal year, Apple reported a total revenue of $91.82 billion, a big step over estimates of $88.43 billion. That largely comes thanks to the debut of the iPhone 11 late last year, which propelled iPhone revenue to $56 billion in the quarter, CNBC reports via the Tuesday report.

This quarter is the first since the Apple's iPhone 11 debut, which gave Q1 a $23 billion jump from the previous Q4. The $56 billion is also an 8 percent increase year over year.

Before the iPhone 11 debut, Apple had seen quarter after quarter of weak iPhone sales, prompting suggestions that service revenue would be the future of the company. Apple did bring in a service revenue of $12.7 billion in this first quarterly report since the premiere of the company's Apple TV+ service, but it paled in comparison to the company's $79.1 billion product revenue, per TechCrunch.

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