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Apple’s record quarterly results built on iPhone; services

Apple has announced record results for the first quarter of the 2020 financial year

Apple has announced record results for the first quarter of the 2020 financial year.

Apple said that international sales made up 61% of the total, with revenue reaching $98.1bn, up 9% year-on-year. Other standout results included a record net income of $22.2bn with an operating cash flow of $30.5bn.

“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, CEO of Apple, in a press release. “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.”

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Apple also hailed its transitioning business model, which features a new-found focus on services. 2019 saw the company launch a number of new products in this arena, including Apple Arcade (a mobile video game subscription service), Apple TV+ (an original content streaming platorm) and Apple News+ (a subscription service bundling content from varied magazines and newspapers). 

In the transcript of a call with shareholders, Cook went on to say that: “Once again, we saw double-digit growth in all five of our geographic segments and established new all-time records for multiple categories, including cloud services, music, payment services and our App Store search ad business, as well as setting a December quarter record for the App Store and Apple Care. 2019 was a historic year for our Services business.”

(Image: Apple)

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