Apple Posts Another Record Quarter

Posted on January 28, 2020 by Paul Thurrott in Uncategorized with 15 Comments

Apple reported today that it earned $22.2 billion on record revenues of $91.8 billion in the quarter ending December 31, exceeding estimates in dramatic fashion.

“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,” Apple CEO Tim Cook said in a prepared statement. “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 reported that iPhone revenues grew 7.10 percent to $55.9 billion in the quarter, and the product line is still responsible for over 60 percent of the company’s total revenues. This marks the first time in one year iPhone sales have risen year-over-year.

Wearables and Services also grew in the quarter. Wearables revenues jumped 27 percent to $10 billion in the quarter, while Services grew 14.5 percent to $12.7 billion.

Revenues from Mac and iPad, meanwhile, both fell in the quarter. The Mac saw a 13 percent decline to $7.2 billion, while iPad revenues fell 12.6 percent to $5.9 billion.

CNBC reports that Apple’s stock jumped 3 percent in after-hours trading.

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