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Apple posts record Q1 2020 revenue over iPhone sales

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Apple CEO Tim Cook hosts Apple's Worldwide Developer Conference (WWDC) in San Jose, California, the United States, June 3, 2019. (Xinhua)

Xinhua – Apple Inc yesterday reported a record $91.8 billion in revenue for the first quarter of fiscal 2020 as it witnessed strong sales of iPhone 11 and iPhone 11 Pro series for the period.

The quarterly revenue rose by an all-time record of 9 percent over the corresponding quarter of a year ago, yielding quarterly earnings per diluted share of 4.99 dollars, up 19 percent, said the company.

Sales from iPhones generated $55.96 billion in revenue for the first quarter, up 8 percent year-on-year, which beat market expectations of $51.5 billion.

“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,” said Apple Chief Executive Officer Tim Cook.

He said the strong holiday sales have significantly pushed the across-the-board revenue growth in the quarter, with the total number of installed devices hitting more than 1.5 billion.

Apple said its net income reached a record $22.2 billion for the quarter, and its international sales accounted for 61 percent of the quarter’s revenue.

However, Apple reported a slight fall in its services revenue, from $12.98 billion in the last quarter to $12.72 billion, for the 2020 first quarter.

The tech giant, based in Cupertino, California, projected its revenue for the second quarter will stand between $63 billion and $67 billion. Apple earned $58 billion dollars in revenue in the same quarter a year before.

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