Apple Q1 2020: $91.8 billion in revenue in record-setting first quarter
Apple has just announced its financial results for Q1 2020, covering the period between October 1 and December 28, 2019. The company posted quarterly revenue of $91.8 billion.
Apple Reports Record First Quarter Results
iPhone, Wearables & Services Drive All-Time Record Revenue and Earnings
January 28, 2020 04:30 PM Eastern Standard Time
CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced financial 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 quarterly earnings per diluted share of $4.99, up 19 percent, also an all-time record. International sales accounted for 61 percent 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 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 is providing the following guidance for its fiscal 2020 second quarter:
- revenue between $63.0 billion and $67.0 billion
- gross margin between 38.0 percent and 39.0 percent
- operating expenses between $9.6 billion and $9.7 billion
- other income/(expense) of $250 million
- tax rate of approximately 16.5 percentApple's board of directors has declared a cash dividend of $0.77 per share of the Company's common stock. The dividend is payable on February 13, 2020 to shareholders of record as of the close of business on February 10, 2020.
Apple will provide live streaming of its Q1 2020 financial results conference call beginning at 2:00 p.m. PT on January 28, 2020 at www.apple.com/investor/earnings-call/. This webcast will also be available for replay for approximately two weeks thereafter.
Apple periodically provides information for investors on its corporate website, apple.com, and its investors relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance and details related to its annual meeting of shareholders.
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Joseph Keller is the former Editor in Chief of iMore. An Apple user for almost 20 years, he spends his time learning the ins and outs of iOS and macOS, always finding ways of getting the most out of his iPhone, iPad, Apple Watch, and Mac.