Apple reported a 16% year-on-year jump in its fiscal first-quarter revenue on "staggering" iPhone demand, topping market estimates.

Apple's fiscal first quarter ended in December and the company has already signaled last year it's expecting a big earnings report.

The company's revenue was boosted by iPhone sales, but sales of its wearable tech and Mac computers dipped.

A blowout holiday quarter and a strong revenue guide for the current March quarter suggest that Apple's strong iPhone cycle will continue.

Apple on Thursday said iPhone sales in the March quarter could be even better than the company's forecast if it could secure enough chips to meet demand.

Strong holiday season and boost from China drive 23% increase in smartphone revenue

Apple reported a 16% year-on-year jump in its fiscal first-quarter revenue on "staggering" iPhone demand, topping market estimates.

Analysts were divided over the impact an AI-driven memory shortage, causing a surge in memory prices, will have on the company.

Apple CEO Tim Cook called the surge in demand for iPhones in the latest quarter "staggering." Analysts say multiple factors can help explain why.