Apple’s revenue from iPhone declined 15 per cent from the prior year, while total revenue from all other products and services grew 19 per cent.
“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.
Revenue from iPhone Declined
Revenue from iPhone declined up to 15 per cent from the prior year, while total revenue from all other products and services grew up to 19 per cent. Services revenue reached an all-time high of $10.9 billion, up by 19 per cent over the prior year. Revenue from Mac and Wearables, Home and Accessories also reached all-time high, growing up to 9 and 33 per cent, respectively, and revenue from iPad grew up to 17 per cent.
Tim added, “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.”
Apple’s Predictions for its Fiscal 2019 Second Quarter
Cupertino-based tech giant is looking forward to revenue figures between $55 and $59 billion during its second quarter with gross margin expectations between 37 and 38 per cent. Apple’s board of directors has declared a cash dividend of $0.73 per share of the company’s common stock.
Luca Maestri, Apple’s CFO, said, “We generated very strong operating cash flow of $26.7 billion during the December quarter and set an all-time EPS record of $4.18. We returned over $13 billion to our investors during the quarter through dividends and share repurchases. Our net cash balance was $130 billion at the end of the quarter, and we continue to target a net cash neutral position over time.”