Apple Continues to Make Lots of Money

CUPERTINO — Apple continues to rake in the dough after announcing impressive results for its fiscal 2020 first quarter ended December 28, 2019. 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 net income of $22.23 billion, also an all-time record. International sales accounted for 61 percent of the quarter’s revenue.
Shares in Apple were up $4.81 in after-hours trading and the company reigns as the world’s most valuable in the world with a market cap of $1.39 trillion.
“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.”
“Our very strong business performance drove an all-time net income record of $22.2 billion and generated operating cash flow of $30.5 billion,” said Luca Maestri, Apple’s CFO. “We also returned nearly $25 billion to shareholders during the quarter, including $20 billion in share repurchases and $3.5 billion in dividends and equivalents, as we maintain our target of reaching a net cash neutral position over time.”
Apple products including the iPhone, iPad and iMacs generated $79.1 billion in the holiday quarter while services – including Apple Music, the App Store, Apple TV+ –brought in $12.7 billion in the quarter.
Apple iPhone revenue in the quarter was up from last year at $55.9 billion but Mac and iPad revenues declined from a year ago at $7.16 billion and $5.97 billion respectively.