Thanks to the iPhone 11, Apple’s iPhone product segment saw a return to growth in Q1 2020, while iPad and Mac sales were off. Meanwhile, the Wearables and Services categories continue to grow.
Skyrocketing revenues in Services and Wearables more than made up for a decline in iPhone revenues, proving that Apple is no longer just the iPhone company.
Apple had yet another record-breaking quarter even though unit sales for the iPhone and Mac were flat, and the iPad’s unit sales declined. The increase in revenue seems to have come from higher selling prices and increased Services revenue.
Led by slight growth in the iPhone category and bolstered by strong showings from the Services, Mac, and Other Products categories, Apple has posted revenues of $52.6 billion and profits of $10.71 billion.
Even though Apple introduced new products in Q4 2016, the company’s financial slump has continued, with services being the main bright spot in its quarterly earnings report. It’s not exactly doom and gloom, though, since Apple still posted a net profit over $9 billion on revenues of $46.9 billion.
Apple has dodged financial ruin for yet another quarter, reporting both record-breaking revenues and profits.
Over three years after the death of Steve Jobs, CEO Tim Cook has maintained Apple’s stratospheric growth, with record iPhone and Mac sales in the fourth fiscal quarter of 2014.
Apple is still selling a ton of iPhones, but dividends, free software, and complex devices are cutting into the company’s bottom line. CEO Tim Cook is hoping it’ll be an iPad Christmas.