Apple reports Q1 2020 results: Apple posted $91.8 billion in revenue and $22.2 billion profit

Apple today announced financial results for its fiscal 2020 first quarter ended December 28, 2019. The Company posted quarterly revenue of $91.8 billion, an increase of 9% from the year-ago quarter and an all-time record, and quarterly earnings per diluted share of $4.99, up 19%, also an all-time record. International sales accounted for 61% of the quarter’s 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.

“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.”

Apple’s guidance for the second quarter of fiscal 2020 includes expected revenue of $63-67 billion and gross margin between 38 and 39%.

In the wearable department, during the first quarter of 2020, Apple’s wearables category set a new all-time revenue record, according to Apple CEO Tim Cook.

Apple’s wearables segment – which, along with AirPods, also includes the Apple Watch – hit $10.0 billion in revenue versus estimates of $9.5 billion, up sharply from $7.3 billion the year before.

Wearables, Home, and Accessories revenue surpassed Mac revenue for the first time this quarter. Mac revenue was $7.2 billion in Q1 2020.

Apple Watch‌ set a new all-time revenue record during the quarter, and more than 75% of new customers during the quarter were new to ‌Apple Watch‌.