Apple posts record revenue
January 29, 2020
Apple reported a hugely profitable holiday season to close out 2019, the tech giant said on Tuesday. Net profit hit an all-time high of $22 billion (€20 billion), with record quarterly revenue of $91.8 billion.
"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 Apple CEO Tim Cook.
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The results exceeded analysts' expectations and prompted a 2% rise in share prices to $325.33 in extended trading after Apple released the figures.
The tech giant's stock price has more than doubled since January 2019, after Apple warned of a dip in iPhone sales, particularly in China, its largest market outside the United States and Europe.
The recent success comes as Apple has expanded its services, offering TV streaming, digital payments and wearables, including smartwatches and AirPod wireless headphones.
Concerns over coronavirus
CEO Cook also addressed growing concern over the deadly coronavirus outbreak that has spread across the world after originating in China, where many of Apple's suppliers are based.
He told Reuters news agency that the revenue prediction for the quarter ending in March, which exceeds Wall Street expectations, had a wider-than-normal range due to the uncertainty surrounding the outbreak. Cook said executives planned to discuss how the virus might affect Apple's supply chain during a conference call with investors.
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Cook told US broadcaster CNBC that Apple had shut one store in China and was restricting employee travel as a result of the outbreak.
The mysterious coronavirus has killed more than 100 people since an outbreak began last month in the Chinese city of Wuhan. Nearly 6,000 cases have been reported around the world.
dr/se (AFP, Reuters, AP)