Apple ‘s profit and revenue popped last quarter, beating Wall Street’s expectations on strong performances in its Services business and and robust iPhone sales. The Service divisions houses the newly launched Apple TV+ along with Apple News+, the Apple Card, the App Store, Apple Music and iCloud.
Earnings per share came in at $4.99, higher than $4.55 anticipated, for the tech giant’s first quarter of fiscal 2020 and up 19% year-on-year. Revenue of $91.8 billion soundly beat the $88.4 billion analysts had anticipated and were up 9%.
Sales of iPhones were just shy of $56 billion and services revenue hit $12.7 billion.
Apple CEO Tim Cook cited demand for iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables – which includes the hugely popular AirPod Pro.
“During the holiday quarter our active installed base of devices grew in each of our geographic segments and has now reached over 1.5 billion. We see this as a powerful testament to the satisfaction, engagement and loyalty of our customers — and a great driver of our growth across the board,” he said.
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Executives will take questions for analysts on a call at 5 pm ET. Wall Street wants to hear more about Apple TV+, the 5G iPhone slated for later this year and the impact of the Coronoavirus on Apple in Asian markets.
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