Categories Earnings, Technology

Apple (AAPL) reports record-high Q1 revenue as iPhone sales rise 8%; stock gains

Apple Inc. (NASDAQ: AAPL) Tuesday reported positive results for the first quarter of 2020. Earnings moved up 19% aided by record-high revenues and surpassed Wall Street’s prediction, driving the tech giant’s stock higher during the after-market session.

Apple (AAPL) reports record-high Q1 revenue as iPhone sales rise 8%

Revenue from product sales rose 8% annually and service revenue advanced 17%. Consequently, net revenues moved up 9% to an all-time high of $91.8 billion, surpassing the consensus estimate. International sales accounted for 61% of the total revenues.

iPhone Shines

The top-line growth was driven mainly by strong demand for the iPhone 11 and iPhone 11 Pro models, supported by solid performance by the wearables and service segments.

iPhone sales increased 8% to $55.96 billion in the first three months of 2020. Wearables, Home & Accessories sales were up 37%. Meanwhile, sales of Mac and iPad dropped 3% and 11% respectively from the year-ago period.

Earnings up 19%

At $4.99 per share, first-quarter earnings were up 19% year-over-year and above the market’s estimate. Net income rose to $22.24 billion from $19.97 billion in the first quarter of 2019.

Apple iPhone revenue change

Apple’s CEO Tim Cook said, “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.”

Outlook

The management currently expects revenues to be in the range of $63 billion and $67 billion in the second quarter of 2020, when operating expense is estimated to range from $9.6 billion to $9.7 billion. Other income is forecast to be at $250 million and tax rate at 16.5%.

During the quarter, Apple returned about $25 billion to shareholders, including $20 billion in share repurchases and $3.5 billion in dividends and equivalents. Also, the board of directors declared a cash dividend of $0.77 per share, to be paid on February 13, 2020, to shareholders of record on February 10, 2020.

Related: Apple Q4 2019 Earnings Conference Call Transcript

Apple shares have outperformed the S&P 500 index consistently for about two years. Last week, they reached a new high but pared most of the gains later. The stock closed Tuesday’s regular trading higher and continued to gain during the extended session.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

Micron Technology (MU) Q3 Earnings: Key financials and quarterly highlights

Micron Technology Inc. (NASDAQ: MU) reported third quarter 2022 earnings results today. Revenue increased 16% year-over-year to $8.64 billion. GAAP net income was $2.63 billion, or $2.34 per share, compared

Constellation Brands (STZ): Earnings beat and share structure revamp put brewer in the spotlight

Shares of Constellation Brands Inc. (NYSE: STZ) were down 4% on Thursday despite the company beating expectations on its first quarter 2023 earnings results. The stock has dropped 7% year-to-date.

Infographic: Key highlights from Constellation Brands (STZ) Q1 2023 earnings results

Constellation Brands, Inc. (NYSE: STZ) reported first quarter 2023 earnings results today. Net sales increased 17% year-over-year to $2.3 billion. Net income attributable to CBI was $390 million, or $2.06

Comments

  1. Pingback: teak furniture
  2. Pingback: teak furniture
  3. Pingback: teak furniture
  4. Pingback: ไฮโล
  5. Pingback: Heavy-R
  6. Pingback: Heavy News
  7. Pingback: tiktok 18
  8. Pingback: ff tools
  9. Pingback: ff tool hack
  10. Pingback: anita
  11. Pingback: zwitsal
  12. Pingback: épave automobile
  13. Pingback: épave automobile
  14. Pingback: Epaviste
  15. Pingback: Epaviste gratuit
  16. Pingback: enlevement epave
  17. Pingback: épave automobile
  18. Pingback: épave automobile
  19. Pingback: enlevement epave
  20. Pingback: Epaviste gratuit
  21. Pingback: épave automobile
  22. Pingback: enlevement epave
  23. Pingback: Epaviste gratuit
  24. Pingback: Epaviste
  25. Pingback: คาสิโน
  26. Pingback: naza
  27. Pingback: เว็บ123
  28. Pingback: ไพ่แคง
  29. Pingback: sexy
  30. Pingback: sa casino
  31. Pingback: kanha gummies nano
  32. Pingback: vape carts
  33. Pingback: Weed Delivery
  34. Pingback: ps 5 for sale
  35. Pingback: white runtz
  36. Pingback: pink runtz
  37. Pingback: FLINTLOCK PISTOL
  38. Pingback: 4k wallpapers cool
  39. Pingback: vaseline
  40. Pingback: Buy This Domain
  41. Pingback: classic books
  42. Pingback: trade show models
  43. Pingback: atmosphere models
  44. Pingback: mango juul pod
  45. Pingback: Japanese Whisky
  46. Pingback: Buy This Domain
  47. Pingback: Hp Laptops
  48. Pingback: russian books
  49. Pingback: buy weed in dubai

Comments are closed.

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top