Apple’s stock is on fire after monster earnings, despite iPhone 8 sales worries

The world’s most valuable tech company just beat expectations with September-ending revenues of $52.6 billion, driven by sales of 46.68 million iPhones–some of them the new iPhone 8 and iPhone 8 Plus. Thomson Reuters analysts had expected Apple to announce $50.79 billion in revenues for the quarter.

For comparison, the company reported revenues of $46.85 in the same quarter last year, driven by sales of 45.5 million iPhones. This came just after the release of the iPhone 7 and 7 Plus.

Analysts polled by Estimize.com expected Apple to sell 48.16 million iPhones in the September-ending quarter. Factset analysts expected sales of 46 million. Demand for Apple’s new iPhone 8 phones has been light as many consumers await their chance to buy the $999 iPhone X.

“Apple’s year-over-year revenue growth rate accelerated for the fourth consecutive quarter and drove EPS growth of 24 percent in the September quarter,” said Luca Maestri, Apple’s CFO.

Shares of Apple stock hit $173.68 in after-hours trading today, up 3.31%.