Apple credits record revenue to iPhone and wearables

 slashgear.com  01/28/2020 22:06:16 
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Apple has announced its financial results for its first fiscal quarter of 2020. As has been the case for the company, Apple experienced new record-breaking revenue during its most recent quarter with the iPhone and Apple Watch leading the pack. In the quarter ended on December 28, 2019, Apple raked in $91.8 billion in quarterly revenue, a 9-percent increase over the same quarter last year.

At $91.8 billion, Q1 2020 has set a new all-time record for Apple which is also boasting an all-new record of $4.99 quarterly earnings per diluted share (a 19-percent increase, in case you were wondering). According to the company, the majority of the quarter’s revenue came from international sales at 61-percent.

The iPhone 11 and iPhone 11 Pro smartphones, as well as the company’s Services and Wearables segment, were credited with driving the holiday quarter’s record-setting success. In a statement, Apple CEO Tim Cook said:

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.

Looking forward to the company’s next fiscal quarter, Apple expects that it will pull in revenue of $63 to $67 billion with a gross margin between 38-percent and 39-percent. Operating expenses are expected to fall between $9.6 billion and $9.7 billion in the fiscal second quarter of 2020. Overall, Apple CFO Luca Maestri said the company experienced ‘very strong business performance’ during its first quarter.

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