Apple reports its financial first quarter 2020 results
Apple reports its financial first quarter 2020 results

Apple, on 28th January 2020, released their first-quarter financial results that ended on 28th December 2019. the quarterly revenue increase by 9% from the previous year and reached an amount of $91.8 billion which is an all-time record. Their quarterly earnings per diluted share reached $4.99 which says that it went up by 19%. 61% of the quarterly revenue is from international sales.

Apple said that there are 1.5 billion active users across the globe. In a statement by Apple’s CEO Tim Cook, he said that “We are thrilled to report Apple’s highest quarterly revenue ever, fuelled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables”. He added that “ 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.”

Just for the records, Apple’s active users before 2019 was 1.4 billion and 1.3 billion in 2018. the CFO of Apple, Luca Maestri, said that their very strong business performances earned them a net income of $22.2 billion and an operating cash flow of $30.5 billion was generated. He added that they had returned $25 billion to shareholders and also had $20 million share purchases and $3.5 billion in dividends. They try to maintain their target of a neutral net cash position.

Apple has also attained an all-time record revenue for services and wearables. Wearables such as AirPods and AirPod Pro are selling at high rates across the globe and it is said that they have reached around $6 billion in revenue.

It is expected to widen the userbase by the end of 2020 considering the hype for iPhones. Apple is planning to release 6 new products in the market this year including two affordable ones. The iPhones are predicted to be supporting 5G connectivity and might be launched by the second half of 2020.

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