Technology giant Apple reports results for the first quarter of its fiscal 2020, which is from October 2019 to December 2019. In that period, the company reports total revenue of $91.8 billion, which is far ahead of expectations of $88.43 billion.
To put it in other words, the company has made about $1 billion per day in revenue for the Q1 F2020. The company’s per-share profit of $4.99 was greater than the market-anticipated figure of $4.54 per share.
Earlier, the company expected revenue “between $85.5 billion and $89.5 billion” along with “gross margin between 37.5 percent and 38.5 percent.” In the total revenue of $91.8 billion, majority of that comes from Products — $79.1 billion while Services accounted for $12.7 billion. With these numbers, the company has reported net income of $22.2 billion.
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Commenting on this, Luca Maestri, Apple’s CFO said: “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. 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.”
As for the revenue from products, iPhone sales accounted for $56 billion while Mac and iPad accounted for $7.2 billion and $6 billion respectively. The company says that “Wearables, Home and Accessories” generated around $10 billion in revenue, which is an all-time record for the Cupertino giant.
Apple is now anticipated Q2 F2020 revenue “between $63.0 billion and $67.0 billion” and gross margin in the same range as the sequentially preceding quarter. The numbers are down from the current Q1 F2020 given that it will be non-holiday three-month period.
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