Apple posts its highest ever quarterly revenue figures

Apple to miss revenue guidance as coronavirus hits

Apple (NASDAQ:AAPL) has reported a “record” set of results for the first quarter, driven by strong demand for the iPhone 11 and iPhone 11 Pro.

The American multinational technology company has created products over the years which have become synonymous with Western capitalism, such as its signature iPhone.

Apple said that, for its fiscal 2020 first quarter ended 28 December, revenue grew by 9% to $91.8 billion when compared to the same quarter a year prior.

The company has described this result as an “all-time record”, driven by strong demand for its iPhone 11 and iPhone 11 Pro.

Meanwhile, Apple added that international sales accounted for 61% of the quarter’s revenue.

The company also provided guidance for its fiscal 2020 second quarter; it expects revenue to be between $63 billion and $67 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 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,” the CEO continued.

Luca Maestri, Apple’s CFO, also commented: “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.”

“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,” the CFO said.