Apple recently reported record quarterly earnings for its fiscal quarter ending December 28th, 2019. The tech giant posted a revenue of $91.8 billion, a 9% increase from the same period last year and a quarterly record for the company. This is the second consecutive quarter that Apple has reported quarterly records, thanks to strong demand for iPhones, Macs, and services such as iCloud and Apple Music.
Apple Reports Record Quarterly Earnings
Apple’s record-setting quarterly earnings demonstrate the strength of its products and services, as well as the loyalty of its customers. The company was able to earn $91.8 billion in revenue, up 9% from the same period last year and a record for the company. This was driven by strong sales of iPhones, Macs, and services such as iCloud and Apple Music. Further, international sales accounted for 61% of the quarter’s revenue.
The tech giant was able to post a record-setting quarterly net profit of $22.2 billion, up 7.7% year-over-year. This was driven by higher gross margins and better product mix, as well as the company’s share repurchase program. Apple also reported a record for its Services segment, with revenue of $12.7 billion, up 19% year-over-year.
Strong Revenue Growth Drives Profits
The strong revenue growth experienced by Apple was a major factor in its record-setting quarterly earnings. The company’s international sales accounted for 61% of the quarter’s revenue, with strong demand from China and other markets. The strong performance of its iPhones, Macs, and services was also a major contributor to the company’s success.
Apple’s gross margin rate was slightly up from the same period last year, at 38.3%. This was driven by its product mix as well as its share repurchase program, which continues to add to the company’s bottom line. Apple’s Services segment was also a major driver of its profits, with revenue increasing 19% year-over-year.
Apple’s record-setting quarterly earnings demonstrate the strength of its products and services, as well as the loyalty of its customers. The company was able to post a record net profit of $22.2 billion, up 7.7% year-over-year. Strong revenue growth, driven by international sales, higher gross margins, and better product mix, as well as the company’s share repurchase program, all contributed to Apple’s success. Going forward, the company is well-positioned to continue its strong performance.