Apple posts record revenue with boost from 5G iPhones

Apple on Wednesday posted all-time record quarterly revenue, with new 5G iPhone upgrades setting new records in China.

"We had two of the top three selling smartphones in urban China," said Apple CEO Tim Cook in an interview with Reuters, adding that "upgraders in particular set an all-time record in China."

The company's revenue for the fiscal 2021 first quarter ending Dec 26 rose 21 percent year-on-year to $111.44 billion, and net income was up 29 percent year-on-year to $28.76 billion.

International sales accounted for 64 percent of the quarter's revenue, and its net sales in Greater China increased about 57 percent year-on-year to $21.31 billion.

Apple now has an active installed base of 1.65 billion devices, and an installed base of more than 1 billion iPhones, said Cook as reported by Reuters.