Apple Reports Record Revenue and Profits for Q1 2020

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Apple has announced its Q1 2020 — calendar year Q4 2019 — financial results in which it generated a revenue of $91.8 billion and registered a profit of $22.2 billion. That’s notably higher from year-ago revenue of $84.3 billion and a profit of $20 billion.

This was Apple’s best Q1 ever in terms of revenue and profit eclipsing the previous best quarter from 2018. International sales accounted for 61 percent of Apple’s quarterly revenue. The company’s strong performance has been fueled by the strong demand for the iPhone 11 series and record revenue generated by the Services and Wearables business.

Apple’s CEO Tim Cook also revealed that the company now has a user base of over 1.5 billion active devices.

“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.”

Apple also returned nearly $25 billion to its shareholders which includes $20 billion in share repurchases and $3.5 billion in dividends.

For Q2 2020, Apple is expecting to generate revenues between $63 billion and $67 billion with a gross margin of 38-39%.