Last October, when Apple released their forth quarter earnings for 2019 expectations were blown away. As a shareholder of Apple Stock, 2019 was a very good year for APPL.
Here is the press release from Apple’s 1st quarterly results for 2020, which includes links to their data summary. Long story short, it’s another incredible quarter for Apple.
The Company posted quarterly revenue of $91.8 billion, an increase of 9 percent from the year-ago quarter and an all-time record, and quarterly earnings per diluted share of $4.99, up 19 percent, also an all-time record. International sales accounted for 61 percent of the quarter’s revenue.
“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.”
- iPad unit sales were down 11%
- Mac unit sales were down 3.5%
- iPhone unit sales were up about 8% but revenue was up a whopping 29 percent. The iPhone 11, 11 Pro, and 11 Pro Max continue as unprecedented hits.
- Services were up 17%.
- Wearables up an astounding 37%! It’s fairly obvious that AirPods Pro and Apple Watch are growing like crazy. This is anecdotal but when I first bought my watch I very rarely, if ever saw others with them. Now it seems like I see people wearing Apple watches every day.
Most interestingly, Tim Cook finished his introductory speech mentioning the coronavirus and, while being careful to be sensitive to its human cost, touched on how the disease may affect production. Asian suppliers have recently expressed their concerns about keeping up with Apple’s increasing production order while dealing with a disrupted supply chain due to widespread hospitalizations and quarantines.
Jason Snell has posted the complete transcript of the earnings call, as well his always excellent summary and charts.