Apple posted quarterly revenue of US$91.8 billion, an increase of 9% from the corresponding quarter 12 months ago and an all-time record

By Ian Horswill


Posted on January 29, 2020

Apple has announced record first quarter results.

The Company posted quarterly revenue of US$91.8 billion, an increase of 9% from the corresponding quarter 12 months ago and an all-time record, with quarterly earnings per diluted share of US$4.99, up 19%, also an all-time record.

International sales accounted for 61% of the quarter’s revenue, Apple said in a press release.

“We are thrilled to report Apple’s highest quarterly revenue ever, fuelled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables,” said Apple CEO Tim Cook.

iOS 13

“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 App Store, Tim Cook

The results mark a significant turnaround for Apple a year after slowing sales in China prompted CEO Tim Cook to issue a rare guidance revision ahead of the company’s Q1 2019 earnings report, Yahoo Finance reported.

The company’s CFO Luca Maestri said the “very strong business performance” resulted in an all-time net income record of US$22.2 billion and generated operating cash flow of $30.5 billion,”

“We also returned nearly US$25 billion to shareholders during the quarter, including US$20 billion in share repurchases and US$3.5 billion in dividends and equivalents, as we maintain our target of reaching a net cash neutral position over time.”

Apple is providing the following guidance for its fiscal 2020 second quarter:

  • Revenue between US$63.0 billion and US$67.0 billion
  • Gross margin between 38% and 39%
  • Operating expenses between US$9.6 billion and US$9.7 billion
  • Other income/(expense) of US$250 million
  • Tax rate of approximately 16.5%

Apple’s board of directors has declared a cash dividend of US$0.77 per share of the company’s common stock. The dividend is payable on 13 February, 2020 to shareholders of record as of the close of business on 10 February, 2020.

Apple’s stock rose about 3% shortly after the announcement.

The company employs more than 100,000 employees.