Apple smashes Q1 expectations with 'unprecedented' iPhone demand

The news: Apple delivered a strong beat to market estimates for the first quarter as the company hailed an "unprecedented demand" for iPhones in the period.

The numbers: The company delivered Q1 revenue of USD143.76 billion ($203.90 billion), compared to consensus forecasts of USD138.4 billion, according to Bloomberg data.

First-quarter iPhone revenue hit USD85.27 billion, higher than an expected USD78.31 billion, while China sales of USD25.53 billion beat estimates of USD21.82 billion.

Apple delivered revenue beats across its service and iPad segments, while Mac sales missed forecasts. Wearable, home and accessories revenue was also lower than expectations.