Apple shares rise after company reports better-than-expected revenue of $91.8B
Today after the bell, Apple reported the results of the first quarter of its fiscal 2020. The company’s revenue totaled $91.8 billion, far ahead of expectations of $88.43 billion. At the same time, the company’s per-share profit of $4.99 per share was greater the market-anticipated figure of $4.54 per share.
In immediate trading following the news, Apple’s stock is up several points. The company’s shares have traded at all-time highs in recent months, matching the northward march of many other technology companies’ equity.
Previously, Apple had told investors that it expected revenue of “between $85.5 billion and $89.5 billion” in the quarter, along with “gross margin between 37.5 percent and 38.5 percent.” The company’s Q1 F2020 gross margin result? 38.4%.
Digging into the quarter a bit more, here’s how Apple’s performance shook out during the three-month period:
- Product revenue: $79.1 billion
- Services revenue: $12.7 billion
- Net income: $22.2 billion
As you can see, Apple’s product revenue led its quarter. Digging into that line-item, here are the building blocks of its lucrative hardware business:
- iPhone: $56.0 billion
- Mac: $7.2 billion
- iPad: $6.0 billion
- “Wearables, Home and Accessories:” $10.0 billion
All that spun out to earnings per share of $5.04 (basic), and $4.99 (diluted).
The company highlighted its smaller-device and home category, with its CEO Tim Cook saying his company posted “all-time records for Services and Wearables.” Apple has worked in recent years to lessen its revenue dependence on the iPhone; services and smaller electronics are some of its hopes to do so. This is doubly true as the company posted a year-over-year decline in Mac revenue.
Apple wrapped calendar 2019 with cash, equivalents, and various types of marketable securities worth $207 billion, while its debt load appeared to land around $118 billion.
Looking ahead, Apple anticipates Q2 F2020 revenue “between $63.0 billion and $67.0 billion,” and gross margin in the same range as the sequentially preceding quarter. A more regular, non-holiday three-month period in other words.
More from TechCrunch soon digging into the company’s hardware sales and earnings call. Stay tuned.
Today after the bell, Apple reported the results of the first quarter of its fiscal 2020. The company’s revenue totaled $91.8 billion, far ahead of expectations of $88.43 billion. At the same time, the company’s per-share profit of $4.99 per share was greater the market-anticipated figure of $4.54 per share.…
