Apple 2020 Q1 Hits All-Time Record Revenue of $91.8 Billion

Apple has announced its fiscal 2020 first quarter, for the period that ended on December 28, 2019, and it was a big one.

The company saw a record quarterly revenue for Q1 at $91.8 billion USD, up 9% compared to the year-ago quarter, while quarterly diluted earnings per share (EPS) were at $4.99–another company record–up 19% compared to the year-ago quarter.

“We are thrilled to report Apple’s highest quarterly revenue ever, fueled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables,” said Tim Cook, Apple’s CEO. “During the holiday quarter our active installed base of devices grew in each of our geographic segments and has now reached over 1.5 billion. We see this as a powerful testament to the satisfaction, engagement and loyalty of our customers — and a great driver of our growth across the board.”

Apple says 61% of Q1 revenue came from international sales, while net profit for the quarter was a record $22.2 billion USD.

“Our very strong business performance drove an all-time net income record of $22.2 billion and generated operating cash flow of $30.5 billion,” said Luca Maestri, Apple’s CFO. “We also returned nearly $25 billion to shareholders during the quarter, including $20 billion in share repurchases and $3.5 billion in dividends and equivalents, as we maintain our target of reaching a net cash neutral position over time.”

Apple no longer provides unit sales for its devices, only net sales by category. Here’s a breakdown:

  • iPhone sales revenue: $55 billion USD
  • Mac revenue: $7.1 billion USD
  • iPad revenue: $5.9 billion USD
  • Wearables, Home and Accessories revenue: $10.0 billion USD
  • Services revenue: $12.7 billion USD

The company gave the following guidance for its fiscal Q2 2020:

• revenue between $63.0 billion and $67.0 billion
• gross margin between 38.0 percent and 39.0 percent
• operating expenses between $9.6 billion and $9.7 billion
• other income/(expense) of $250 million
• tax rate of approximately 16.5 percent

Apple’s board of directors also declared a cash dividend of $0.77 per share of the company’s common stock, payable on February 13, 2020.

…more to follow

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