In the first quarter, sales of iPhones totaled $56.99 billion

Apple’s shares increased by more than 3% on Thursday after the company released a sales estimate that exceeded expectations, even though it stated that it expects ongoing chip supply problems.

According to LSEG statistics, Apple executives anticipate sales growth of between 14% and 17% in the current fiscal third quarter, surpassing Wall Street projections of 9.5% increase to $102.93 billion.

Earlier, Apple released second-quarter (fiscal or calendar first) numbers that were better than anticipated. While supply issues hindered iPhone sales, buyers demonstrated a strong desire to buy a new MacBook model, which was spearheaded by new CEO John Ternus.

For its fiscal second quarter, which concluded on March 28, Apple reported revenues and earnings of $111.18 billion and $2.01 per share, beating analysts’ projections of $109.66 billion and $1.95 per share, according to LSEG.

After the largest lineup revision since the iPhone X in 2017, sales of the iPhone, which is still the company’s best-selling product some 20 years after its inception, totaled $56.99 billion, slightly below predictions of $57.21 billion, according to LSEG statistics.

Kevan Parekh, Apple’s chief financial officer, added that the business would no longer strive for net cash neutrality (cash less debt). Despite having $54 billion in net cash at the end of its fiscal first quarter in January, Apple set this aim in 2018.