Apple reports $22.2 billion profit on $91.8 billion revenue in FY Q1 2020, biggest quarter ever

Apple has reported quarterly revenue of $91.8 billion, up 8.89% over last year with a net profit of $22.2 billion, up 11.1% YoY, fueled by iPhone and earnings per diluted share of $4.18 for the financial year Q1 2020 that ended December 28, 2019. During earnings call Tim Cook said that it was Apple’s biggest quarter ever, which set new all-time records in both revenue and earnings. “Geographically, we set all-time records in the Americas, Europe and rest of Asia Specific and saw Greater China return to growth,” said the CEO.

    • iPhone revenue in the December quarter was $56 billion, up 8% over a year ago, thanks to the exceptional demand for the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max.  iPhone 11 was top-selling model every week during the December quarter and the three new models were three most popular iPhones.
    • iPhone saw double-digit growth in many developed markets, including the U.S., the UK, France and Singapore, and also grew double digits in emerging markets led by strong performances in Brazil, Mainland China, India, Thailand, and Turkey.
    • Active installed base of devices surpassed 1.5 billion, up over 100 million in the last 12 months alone, reaching a new all-time high for each of main product categories and geographic segments.
    • Services revenue reached $12.7 billion, an all-time record, growing 17% over last year. Double-digit growth in all five of our geographic segments and new all-time records from multiple categories including cloud services, music, payment services and our App Store search ad business, as well as a December quarter record for the App Store and AppleCare.
    • App Store spends created new single day record of $386 million on New Year’s Day alone, a 20% increase over last year.
    • Mac and iPad generated $7.2 billion and $6 billion in revenue, respectively
    • Both Mac and iPad had a difficult year-over-year comparison due to the launches of MacBook Air here, Mac mini and iPad Pro during the December quarter a year ago and the subsequent channels fill.
    • iPad saw growth in key emerging markets like Mexico, India, Turkey, Poland, Thailand, Malaysia, the Philippines and Vietnam
    • Wearables, home and accessories established a new all-time record with revenue of $10 billion, up 37% year-over-year with very strong double-digit performance across all five geographic segments and growth across Wearables, accessories and home.

Apple expects revenue between $63.0 billion and $67.0 billion, operating expenses between $9.6 billion and $9.7 billion and gross margin between 38 and 39 percent for FY Q2 2020.

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Author: Srivatsan Sridhar

Srivatsan Sridhar is a Mobile Technology Enthusiast who is passionate about Mobile phones and Mobile apps. He uses the phones he reviews as his main phone. You can follow him on Twitter and Instagram