Jan. 29 (UPI) — Apple reported record earnings for the first fiscal quarter of 2020 on the back of strong iPhone 11 sales, services and wearables, the electronics giant said Tuesday.
The California-based company said in a statement that it posted quarterly revenue of $91.8 billion, an increase of 9 percent compared to the same period last year, as its flagship phone bolstered earnings. International sales accounted for 61 percent of the quarter’s revenue, it said.
“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 services and wearables,” Apple’s CEO Tim Cook said in a phone call with reporters.
Cook said all of the incarnations of the iPhone 11 are “the best iPhones we’ve ever shipped” due to its increased battery life and camera technology, causing revenue to surge 8 percent from the same segment last year to $56 billion.
Besides iPhone sales, the quarter ending Dec. 28 saw Apple’s fifth consecutive quarter of double-digit growth, including setting an all-time record for services and a “blowout” quarter for wearables, which grew 37 percent on quarter, Cook said, adding that 75 percent of those who purchased an Apple Watch were first-time buyers.
“Not only is our large and growing install base a powerful testament to the satisfaction, engagement and loyalty of our customers but it is also fueling our growth across the board, particularly in services,” he said.
In services, it generated an all-time record of $12.7 billion, growing 17 percent from last year, setting double-digit growth in cloud services, music, payment services, app search business and Apple care.
Concerning wearables, its segment has now grown to the size of a Fortune 150 company, Cook said, due to demand for its AirPods and its newest product, the AirPods Pro. Apple Watch, he said, also generated all-time numbers.
“Both AirPods and Apple Watch were must-have holiday gifts, helping drive unprecedented results for the category even as we face supply constraints for Apple Watch Series 3 and AirPods Pro,” he said.