Apple Reports Highest Quarterly Revenue Ever

Apple logoToday, Apple is reporting on their fiscal 2020 first quarter, which ended December 28, 2019. With $91.8 billion in revenue, Apple broke their all-time record for quarterly revenue.

“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.”

The company reported $12.7 billion in net sales of services for the quarter, showing an increase of nearly 17% year-over-year. This includes Apple’s existing services like Apple Music, along with those services that launched last year, including Apple Arcade and Apple TV+.

“Apple TV+ is off to a rousing start,” Cook said during the call, before congratulating the stars of Apple TV+ originals who have been nominated for awards this season.

“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.”

Maestri reports that Apple now has 480 million paid subscriptions across all services.

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