Apple’s record quarterly results built on iPhone; services
Apple has announced record results for the first quarter of the 2020 financial year.
Apple said that international sales made up 61% of the total, with revenue reaching $98.1bn, up 9% year-on-year. Other standout results included a record net income of $22.2bn with an operating cash flow of $30.5bn.
“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, CEO of Apple, in a press release. “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 also hailed its transitioning business model, which features a new-found focus on services. 2019 saw the company launch a number of new products in this arena, including Apple Arcade (a mobile video game subscription service), Apple TV+ (an original content streaming platorm) and Apple News+ (a subscription service bundling content from varied magazines and newspapers).
In the transcript of a call with shareholders, Cook went on to say that: “Once again, we saw double-digit growth in all five of our geographic segments and established new all-time records for multiple categories, including cloud services, music, payment services and our App Store search ad business, as well as setting a December quarter record for the App Store and Apple Care. 2019 was a historic year for our Services business.”