Apple Hits $91.8 Billion In Q1 2020 Revenue

By Amit Chowdhry ● January 28, 2020
  • Today Apple reported its first quarter of 2020. And the company revealed it hit $91.8 billion in revenue for the quarter.

Today Apple reported its first quarter of 2020 ended December 28, 2019, which includes the company’s holiday season. Apple reported $91.8 billion in quarterly revenue, an increase of 9% from the year-ago quarter. This is an all-time record for the company. And international sales accounted for 61% 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 Apple CEO Tim Cook. “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 provided guidance for its fiscal 2020 second quarter:

– Revenue between $63.0 billion and $67.0 billion

– Gross margin between 38% and 39%

– Operating expenses between $9.6 billion and $9.7 billion

– Other income/(expense) of $250 million

– Tax rate of approximately 16.5%

“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,” added Apple CFO Luca Maestri. “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.”

Here is the overview of each category for the company:

– iPhone: $55.96 billion

– Services: $12.72 billion

– Wearables, Home, and Accessories: $10.01 billion

– Mac: $7.16 billion

– iPad: $5.98 billion