Apple Announces Q1 2019 Revenue of $84.3 Billion

Following along with its yearly routine, Apple today announced it latest quarterly earnings.

Apple has officially announced its first fiscal quarter results of 2019. These follow the solid results from the fourth quarter of 2018, and see millions more iPhones, iPads, and Macs sold to the masses. However, unlike previous years, Apple is not detailing specific numbers when it comes to its devices.

In total, the company earned $84.3 billion in total revenue in the quarter. It earned a total of $19.97 billion in total profit. And while it’s not breaking down specific numbers, the company did divulge some details. That includes news that products and services within the company grew 19 percent year-over-year. The Wearables, Home and Accessories reached all-time highs. A bit of bad news, though, in that Apple confirmed it’s an overall decline of 5 percent when compared to the year-ago quarter. Moreover, revenue from the iPhone family declined 15 percent from the prior year.

“Revenue from iPhone® declined 15 percent from the prior year, while total revenue from all other products and services grew 19 percent. Services revenue reached an all-time high of $10.9 billion, up 19 percent over the prior year. Revenue from Mac® and Wearables, Home and Accessories also reached all-time highs, growing 9 percent and 33 percent, respectively, and revenue from iPad® grew 17 percent.”

As is par for the course, Apple’s CEO, Tim Cook, weighed in on the latest quarterly results:

“While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide,” said Tim Cook, Apple’s CEO. “Our active installed base of devices reached an all-time high of 1.4 billion in the first quarter, growing in each of our geographic segments. That’s a great testament to the satisfaction and loyalty of our customers, and it’s driving our Services business to new records thanks to our large and fast-growing ecosystem.”

Apple’s Chief Financial Officer, Luca Maestri, also chimed in:

“We generated very strong operating cash flow of $26.7 billion during the December quarter and set an all-time EPS record of $4.18,” said Luca Maestri, Apple’s CFO. “We returned over $13 billion to our investors during the quarter through dividends and share repurchases. Our net cash balance was $130 billion at the end of the quarter, and we continue to target a net cash neutral position over time.”

To compare year-over-year, Apple earned $88.3 billion in revenue, on the back of 77.3 million iPhones, 13.2 million iPads, and 5.1 million Macs sold in the first quarter of 2018.

Finally, Apple is providing the following guidance for its fiscal 2018 fourth quarter:

  • revenue between $55 billion and $59 billion
  • gross margin between 37 percent and 38 percent
  • operating expenses between $8.5 billion and $8.6 billion
  • other income/(expense) of $300 million
  • tax rate of approximately 17 percent
[via Apple]