Apple FY19 Q1 Earnings: $84.3 Billion In Revenue, Second-Best Quarter Ever

Apple has announced financial results for its 1Q FY1 that is ended December 29, 2018. The Company posted quarterly revenue of $84.3 billion,...

Apple has announced financial results for its 1Q FY1 that is ended December 29, 2018. The Company posted quarterly revenue of $84.3 billion, a decline of 5 percent from the year-ago quarter, and quarterly earnings per diluted share of $4.18, up 7.5 percent, however, it did gain net quarterly profit of $19.965 billion, which is second-best ever quarter for Apple despite earning warnings it issued early this month.

“While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide,” said Tim Cook, Apple’s CEO. “Our active installed base of devices reached an all-time high of 1.4 billion in the first quarter, growing in each of our geographic segments. That’s a great testament to the satisfaction and loyalty of our customers, and it’s driving our Services business to new records thanks to our large and fast-growing ecosystem.”

According to Apple, it saw revenue from iPhone declined by a whopping of 15 percent from the prior year. However, total revenue from all other products and services were up to 19 percent, notably Services revenue reached an all-time high of $10.9 billion. Revenue from iPad has reached an all-time high as well, as its revenue from iPad grew 17 percent.

As for its fiscal 2019 second quarter, Apple provided the following guidance:

• revenue between $55 billion and $59 billion
• gross margin between 37 percent and 38 percent
• operating expenses between $8.5 billion and $8.6 billion
• other income/(expense) of $300 million
• tax rate of approximately 17 percent