Apple Q1 2020 revenue rises by 9 percent to $91.8 billion, forecasts up to $67 billion in quarter ending March

Apple has announced financial results for Q1 2020 ending 28 December 2019. The company posted quarterly revenue of $91.8 billion, an increase of 9 percent from the year-ago quarter and an all-time record.

International sales accounted for 61 percent of the quarter’s revenue. Apple reported earnings per share of $4.99, compared with analyst estimates of $4.55 per share. Apple’s earnings were partially powered by iPhone revenue, which was up 8 percent thanks to the new iPhone models to $55.96 billion.

The number of active iPhones, computers and other devices owned by customers, called Apple’s installed base, grew by 100 million to more than 1.5 billion over the past year. Apple executives set a new target of 600 million paid subscribers for music, TV, gaming and other services by the end of the calendar 2020.

Apple logo. Image: Reuters

“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.”

(Also read: Amid coronavirus outbreak in China, Apple limits travel to 'business-critical situations')

In a press release sent out by Apple, the company provided the following guidance for its fiscal 2020 second quarter:

  • revenue between $63.0 billion and $67.0 billion
  • gross margin between 38.0 percent and 39.0 percent
  • operating expenses between $9.6 billion and $9.7 billion
  • other income/(expense) of $250 million
  • tax rate of approximately 16.5 percent

“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.”

However, Apple CEO Tim Cook told Reuters that the company could not make enough AirPods and Apple Watch Series 3 devices to meet demand during the fiscal first quarter and continues to be short on both.

With inputs from Reuters.



from Firstpost Tech Latest News https://ift.tt/38KFcnW

Comments

Post a Comment

Popular posts from this blog

COVID-19 origins: Should we pay more attention to the lab leak theory and formally investigate it?

Image
A year and a half into the pandemic, we still do not know exactly where the SARS-CoV-2 virus, which causes Covid-19, came from. The prevailing view so far has been that the virus “spilled over” from bats into humans. But there are increasing calls to investigate the possibility that it emerged from a lab in Wuhan, China, where Covid first appeared at the end of 2019. So what do we know for sure, and what do we need still to find out? We know the sequence of the SARS-CoV-2 virus is close to that of bat coronaviruses . Several decades ago its “ancestor” was circulating in bat populations in southern Asia. But there are still many unanswered questions: we don’t know how the virus arrived in Wuhan, how its sequence evolved to allow human infection, and under what conditions it infected the first people who crossed its path. And for each of these stages, we don’t know whether there was a human contribution (direct or indirect). Zoonotic transmission pathways, in other words the pas
Read more

Menstrual cups are cheaper, more sustainable than pads and tampons for women

Image
Every year in America, women spend at least US$2.8 billion on sanitary pads and tampons that can take hundreds of years to decompose . Is there a more economical and environmentally friendly way? To find out, we asked Susan Powers , a professor of sustainable environmental systems at Clarkson University about her work comparing the environmental impact of tampons, sanitary pads and menstrual cups. What is a menstrual cup? A menstrual cup is a type of reusable feminine hygiene product. It’s a small, flexible bell-shaped cup made of rubber or silicone that a woman inserts into her vagina to catch and collect menstrual fluid. It can be used for up to 12 hours, after which it is removed to dispose of the fluid and cleaned. The cup is rinsed with hot water and soap between each insertion and sterilized in boiling water at least once per period. A cup can last up to 10 years . Although menstrual cups have been around for decades, they historically have been less popular than pads or ta
Read more

Human bodies respond to infections differently depending on the time of day

Image
When microorganisms – such as bacteria or viruses – infect us, our immune system jumps into action. It’s highly trained to sense and eliminate infections and clear up any damage caused by them. It’s typically assumed our immune systems work the exact same way regardless of whether an infection occurs during the day or at night. But research spanning over half a century now shows our bodies actually respond differently at day and night. The reason for this is our body clock, and the fact that each cell in the body, including our immune cells, can tell what time of day it is. Our body clock has evolved over millions of years to help us survive. Every cell in the body has a collection of proteins that indicate the time depending on their levels. Knowing whether it’s day or night means our body can adjust its functions and behaviours (such as when we want to eat) to the correct time. Our body clock does this by generating 24 hour rhythms (also termed circadian rhythms ) in how cells f
Read more