Apple reports all-time sales records

The tech-giant raked in $91.8 billion over a three month period

Apple has announced that its first quarter revenue in fiscal year 2020 toppled the company’s all-time quarterly record, with sales reaching $91.8 billion (£70.6 billion) – an increase of 9% from last year’s first quarter. 

“Our very strong business performance drove an all-time net income record of $22.2 billion (£17 billion) and generated operating cash flow of $30.5 billion (£23.4 billion),” stated Apple CFO Luca Maestri in the press release, issued yesterday. “We also returned nearly $25 billion (£19 billion) to shareholders during the quarter, including $20 billion (£15.3 billion) in share repurchases and $3.5 billion (£2.7 billion) in dividends and equivalents, as we maintain our target of reaching a net cash neutral position over time.”

In sharp contrast to this early success, Apple’s total revenue plummeted last year, with iPhone sales actually decreasing across all four quarters. Historically, the iPhone has contributed to a bulk of the tech-giant’s sales

This past autumn however, “Apple took something of a risk reducing the entry price for the iPhone 11” which has “paid off handsomely,” Dominic Sunnebo, Director of Consumer Insights at Kantar, told IT Pro. Sunnebo assures that last quarter’s success was not derived from the iPhone 11 models alone, though. “Wearables also proved to be a strong driver of growth, with the Apple Watch, which retailed at just $199, selling out due to unprecedented demand,” he said.

Advertisement - Article continues below
Advertisement - Article continues below

A growing international presence also contributed to Apple’s financial heel turn. According to Apple CEO Tim Cook, the company “has now reached over 1.5 billion” in its base of active, installed devices. Sales outside the United States were reported to make up 61% of the company’s earnings last quarter. 

According to the financial report, Apple expects next quarter’s revenue to be between $63.0 billion (£48.5 billion) and $67.0 billion (£51.5 billion)

Featured Resources

Digital Risk Report 2020

A global view into the impact of digital transformation on risk and security management

Download now

6 ways your business could suffer if you don’t backup Office 365

Office 365 makes it easy to lose valuable data regularly, unpredictably, unintentionally, and for good

Download now

Get the best out of your workforce

7 steps to unleashing their true potential with robotic process automation

Download now

8 digital best practices for IT professionals

Don't leave anything to chance when going digital

Download now


Business strategy

Apple launches new TV, gaming and finance services

25 Mar 2019
supply chain management (SCM)

Apple closes Wuhan store in anticipation of coronavirus infection

29 Jan 2020

Apple MacBook Pro 16in review: A little bigger, a lot better

10 Jan 2020

Best smartphone 2019: Apple, Samsung and OnePlus duke it out

24 Dec 2019

Most Popular


How to use Chromecast without Wi-Fi

5 Feb 2020
operating systems

How to fix a stuck Windows 10 update

12 Feb 2020

The top ten password-cracking techniques used by hackers

10 Feb 2020

Microsoft to add Defender antivirus software to Linux, iOS and Android

21 Feb 2020