It is indeed a blissful 2020 for Apple, an American technology company, as its post an impressive 2020 first quarter result ended December 2019. The company disclosed that the $91.8 billion revenue recorded is its highest ever quarterly revenue.
What drove the growth? Nairametrics learnt that there is an increase of 9% from the revenue declared same time in 2019. The Chief Executive Officer of Apple, Tim Cook, stated that the growth was driven by the demand for iPhone 11 and iPhone 11 Pro models.
“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,” Cook said.
He added that, “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.”
“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,” said Luca Maestri, Apple’s CFO.
“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,” Cook added.
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The statement by Apple further read that quarterly earnings per diluted share of $4.99, up 19 per cent, also an all-time record. International sales accounted for 61 per cent of the quarter’s revenue. Meanwhile, a cash dividend of $0.77 per share of the Company’s common stock was approved by Apple’s board of directors.
It was disclosed that the dividend is payable on February 13, 2020, to shareholders of record as of the close of business on February 10, 2020.
Apple is providing the following guidance for its fiscal 2020 second quarter:
- Revenue between $63.0 billion and $67.0 billion
- Gross margin between 38.0% and 39.0%
- Operating expenses between $9.6 billion and $9.7 billion
- Other income/(expense) of $250 million
- Tax rate of approximately 16.5%.