Apple made a lot of money in Q1

January 29, 2020 Off By Naveen Victor

Apple has announced its best quarter ever. In its fiscal 2020 first quarter ending December 29, 2019, the company posted a revenue of $91.8 billion, which is an increase of 9% compared to the same period last year. It also happens to be an all-time record for the cupertino, thanks in part to interntaional international sales. It accounted for 61% of said revenue.

Cupertino says that the strong demand for the iPhone 11 and iPhone 11 Pro helped bolster its sales figures but admitted that the services and wearable segments of its business saw record sales gains. Admittedly, The holiday season contributed quite a bit to these record breaking earnings. And as a result, there are now 1.5 billion Apple devices in world.

Net income for said quarter reached a record $22.2 billion and generated operating cash flow of $40.5 billion. For the upcoming quarter, the company estimates that it could bring in a total of $63 billion – $67 billion in revenue.

The company’s decision to diversify its portfolio and enter the services market, seems to have been a savy business decision.Apple’s board of directors has declared a cash dividend of $0.77 per share of the Company’s common stock.