The following report covers the traditional opening commentary from Apple's CEO Tim Cook on the highlights for their latest financial quarterly results. The following transcript covers Apple's Q1 2017 highlights. While it's easier to just listen to the audio of the event, a transcript makes it easier to quote Tim Cook in future reports and a reference document for our guests and fans.

Tim Cook's Opening Statement

"I'm very happy to share with you the outstanding results of Apple's December quarter. We generated the highest quarterly revenue in Apple's history along with all time unit and revenue records for iPhone and Apple Watch all time revenue record for services and Mac and all-time revenue record for four out of our 5 geographic segments.

The strong performance of our business also produced all time record earnings per share. Revenue in the quarter was $78.4 billion dollars, which was above the top of our guidance range. iPhone had a tremendous quarter thanks to exceptional demand that beat our own internal expectations.

While the iPhone 7 is our most popular model, we saw especially strong demand for iPhone 7 Plus which was a higher portion of the new product mix than we've ever seen with Plus models in the past. The demand for iPhone 7 Plus exceeded supply throughout the quarter and we came into supply/demand balance in January.

iPhone 7 Plus has earned rave reviews for its advanced new features, especially the dual camera system which produces stunning portraits and high quality zoom. This is a uniquely Apple feature that is surprising and delighting our users. The iPhone 7 and the iPhone 7 Plus are empowering our customers to be more productive, more engaged, and more expressive than ever by intergrating hardware, software and services to create experiences that only Apple can deliver.

It was our best quarter ever for services with almost 7.2 billion dollars in revenue. App store customers broke all-time records during the holiday quarter including $3 billion dollars in purchases in December alone, making it the App Stores single best month ever. Our innovative and vibrant developer community has created over 2.2 million apps for doing almost anything that you could imagine. Apple's developer community has now earned over $60 billion dollars including over $20 billion in 2016 alone.

Revenue from our music business grew for the third quarter in a row and our Apple Care and iCloud storage services have all-time record results. Apple Pay continued its strong momentum with a number of users more than trippling over the past year and hundreds of millions of transactions and billions of dollars in purchases in the December quarter alone.

Transaction volume was up over 500% year-over-year as we expaned into four new countries including Japan, Russia, New Zealand and Spain bringing us into a total of 13 markets.

Apple Pay on the web is delivering our partners great results. Nearly two million small businesses are excepting invoice payments with Apple Pay through Intuit, QuickBooks online, FreshBooks and other billing partners and beginning this quarter, Comcast customers could pay their monthly bill in a single touch with Apple Pay.

Services are becoming a larger part of our business and we expect the revenues to be the size of a Fortune 100 company this year. Our service offerings are now driving over 150 million paid customer subscriptions. This includes our own services and third party content that we offer on our stores. We feel great about this momentum and our goal is double the size of our services business in the next four years.

The Mac not only returned to growth but generated its highest quarterly revenue ever. Our latest data shows that most Mac customers are buying their first Mac with the vast majority of them coming from a Windows PC.

The new MacBook Touch with Touch Bar is an outstanding example of the innovation made possible by integrating world class hardware and software. We were supply constrained for the new MacBook Pro throughout the December quarter and are just now coming into supply-demand balance.

It was also our best quarter ever for Apple Watch. Both units and revenues with holiday demand so strong that we couldn't make enough. Apple Watch is the bestselling smartwatch in the world and also the most loved with higher customer satisfaction in its category by a wide margin.

Apple Watch is the ultimate device for a healthy life and it's the gold standard for smartwatches. We couldn't be more excited about Apple Watch.

We're also thrilled with the response to AirPods. Customers love the magical experience AirPods are delivering and if you haven't tried them yet you'll be delighted when you do. They're far ahead of anything else on the market today and we're working hard to catch up with the incredible demand.

With AirPods off to a fantastic start, a strong full first year for Apple Watch and Beats headphones offering a great wireless experience using the Apple designed W1 chip we now have a rich line up of wearable products. Their design, elegance and ease of use make us very excited about the huge growth potential for wearables going forward.

Our ecosystem is broadening to more and more of the areas where people spend their time, at the gym, on the go, in the home and at the job. For example every major automaker is committed to supporting CarPlay with over 200 different models announced including five out the top 10 selling models in the United States. There are well over a million people using CarPlay now and this continues to grow rapidly.

And we're leading the industry by being the first to integrate home automation into a major platform with iOS 10. With Siri and the new Home App in iOS 10, everywhere you go you could easily and securely control all of your home accessories with your iPhone, iPad or your Apple Watch.

The number of HomeKit compatible accessories continues to grow rapidly with many exciting solutions announced just this month including video cameras, motion detectors and sensors for doors, windows and even a water leak.

Perhaps even more importantly, we are unmatched when it comes to securing your home with HomeKit enabled door locks, garage doors and alarm systems.

I'm personally using HomeKit accessories and the Home App to integrate iOS into my home routine. Now when I say goodmorning to Siri my house lights come on and my coffee starts brewing. When I go io the living room to relax in the evening I use Siri to adjust the lighting and turn on the fireplace. And when I leave the house, a simple tap on my iPhone turns the lights off, adjusts the thermostat down and locks the door. When I return to my house in the evening as I near my home, the house prepares itself for my arrival automatically by using a simple geofence. This level of home automation was unimaginable just a few years ago and its here today with iOS and HomeKit.

We're making great progress in the enterprise market along side our major partners. The combination of iOS and Cisco technology is giving companies everywhere the opportunity to vastly improve the user experience for their mobile employees. With enhanced networking performance up to 8X faster roaming, better reliability for apps and native voice experience we're excited about how much more productive the workforce will be with these great capabilities. In fact the total number of joint customer opportunities has grown over 70% since last quarter."

Cook went on to talk about IBM's new mobile XScale design and development model to deploy multiple iOS apps with speed and efficiency – and talked about their partnerships with SAP. He concluded his statement thanking Apple's employees developers and customers for Apple's successful quarter and then gave Apple's CFO the floor before opening it up to questions from Analysts.

This marks Patently Apple's last transcript report covering Tim Cook's opening statement about the Company's latest Financial report.

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