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Apple sets a new record for iPhone shipments: 78.3 million

It looks like the iPhone 7 is a hit.

Apple shipped 78.3 million iPhones during the quarter ended Dec. 31, 2017, the first quarter of its 2017 fiscal year, generating $54.38 billion in revenue. That's a record, and a nice jump from a year ago, when Apple shipped 74.8 million iPhones, booking $51.64 billion in revenue.

It's also better than expectations. Analysts were expecting the company to ship 77.42 million for $53 billion in revenue, according to consensus estimates from StreetAccount.

The stock jumped as much as 3.5% after hours on the strong quarter.

Former Apple analyst and current VC Gene Munster told CNBC's "Fast Money" that investors can "rest easy" with the latest iPhone numbers.