Apple has announced financial results for its fiscal 2020 first quarter that ended on December 28. The Cupertino-based company posted an all-time record quarterly revenue of $91.8 billion, an increase of 9 per cent from the year-ago quarter. It said that international sales accounted for 61 per cent of the quarter’s revenue while growing double digits in emerging markets like India, Brazil, mainland China, Thailand, and Turkey.
Apple’s CFO Luca Maestri said that the net income was $22.2 billion and operating cash flow was $30.5 billion. The company also returned nearly $25 billion to shareholders during the quarter. ‘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. 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,’ Tim Cook, Apple’s CEO, said in a statement.
According to Cook, the exceptional demand for the iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max let company post 8 per cent year-over-year growth. iPhone 11 was the company’s top-selling model every week during the December quarter, and the three new models were Apple’s three most popular iPhones.
Apple was one of the fastest-growing brands in India in the fourth quarter of 2019 as it captured 2 per cent market share with 41 per cent year-on-year growth. Mac and iPad sales generated $7.2 and $6 billion globally in revenue, respectively. Emerging markets like Mexico, India, Turkey, Poland, Thailand, Malaysia, the Philippines, and Vietnam contributed the maximum in iPad sales.