The tech stocks continue to have a bullish run in the stock market. The latest one to join the race is Apple (Nasdaq: AAPL), which announced a blowout quarter, yet again.

Apple’s Financials

Apple’s fourth quarter revenues grew 12% over the year to $52.58 billion, shattering the Street’s forecast of $50.7 billion. Profits for the quarter grew 19% to $10.7 billion. EPS climbed 24% to $2.07, ahead of the market’s forecast of $1.87 for the quarter.

By segment, Apple’s iPhone revenues grew 2% over the year to $28.8 billion. iPhone sales grew 3% over the year to 46.7 million units, ahead of the market’s estimated 46.4 million. iPad sales continued to skyrocket as revenues increased 14% to $4.83 billion and units sold grew 11% to 10.3 million. Mac revenues grew 25% to $7.2 billion with units sold growing 10% to 5.4 million. Its services segment grew 34% to $8.5 billion and revenues from other products grew 36% to $3.2 billion.

By region, Apple’s revenues from the Americas grew 14% over the year to $23 billion and sales from Europe grew 20% to $13 billion. Revenues from the Greater China region finally turned around as revenues grew 12% to $9.8 billion. Revenues from Japan fell 11% to $3.9 billion and from the rest of Asia Pacific improved 5% to $2.8 billion.

Apple ended the year with revenues growing 6% over the year to $229.23 billion and EPS growing 11% to $9.27.

For the current quarter, Apple forecast revenues of $84-$87 billion, with a gross profit margin of 38%-38.5%. The Street had a consensus of $84.2 billion in revenues.

Apple’s iPhone Growth

For Apple, it is back to being about the iPhone. The iPhones alone generated $141.3 billion in revenues for the year. Compare that with Amazon’s revenues of $135.9 billion for the year. The results were announced just as the markets were gearing up to begin sales of the much awaited tenth anniversary edition, the iPhone X. Apple claims that the iPhone X has several new innovations including wireless charging, dual lens camera system, TrueDepth camera system, Super Retina Display, and an A11 Bionic chip with a neural engine. The phone has been developed with a focus on deep machine learning. It offers new experiences including the ability to unlock the iPhone with Face ID, taking photos with studio-quality lighting effects, and playing augmented reality games. Like some of its competitor phones, the iPhone X has reduced the borders on the phone so that the screen goes all the way to the edge, making the screen larger than that on the iPhone 7 plus,

The phone comes at a hefty price tag of over $1,000. But that hasn’t stopped the die-hard iPhone fans. It has already been back-ordered and Apple claims that the phone’s demand has been “off the charts”. Apple is quoting anywhere from 5-6 weeks delivery times for the phones, depending on the configuration ordered.

The iPhone X is also overshadowing the two new iPhones released recently. In September, Apple had announced the release of iPhone 8 and 8 Plus for $699 and $799 respectively. The two phones feature a glass back design that enables wireless charging, Retina HD displays, and an A11 Bionic chip as well. The biggest difference between these phones and the X, besides the price tag, is the screen. The iPhone X is Apple’s first phone that abandons an IPS LCD display for OLED that offers perfect blacks and much more vivid colors than traditional LCD displays. The OLED in the iPhone X is also Dolby Vision- and HDR 10- capable and offers a resolution of 2436 x 1125, compared with the 720p or 1080p resolution offered in other iPhones.

But all new iPhones will now come pre-installed with the iOS 11, which offers an improved Siri, a new Control Center, and a redesigned App Store.

For now, Apple is counting on the iPhone success for the holiday quarter. The market is excited as well. Its stock is trading at $168.11 with a market capitalization of $868.3 billion. For a brief moment, post the release of the results, the stock touched a record high of $173.38, crossing the $900 billion market capitalization mark. It has recovered from the 52-week low of $104.08 nearly a year ago.