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Apple's earnings report: $58 billion in revenue, services revenue all-time high

By Cookie Monster - on 1 May 2019, 12:00pm

Apple's earnings report: $58 billion in revenue, services revenue all-time high

Apple just announced its earnings report for the March quarter. It generated a revenue of $58 billion, which is down 5% year-on-year from the $61.1billion in the same quarter a year ago. Below are the latest revenue figures from its products compared to the same period last year: 

  • iPhone: $31 billion, down from $37.6 billion
  • Mac: $5.5 billion, down from $5.8 billion 
  • Wearables, Home and Accessories: $5.1 billion, up from $3.9 billion 
  • Services: $11.5 billion, up from $9.9 billion

The worst could be over for Apple as the company sees signs of improvements in key business areas. CEO Tim Cook shared that the company's performance in China is improving thanks to price adjustments to account for a weaker currency, a sales tax cut, trade-in and financing programs, and improving trade relations between the U.S and China. 

Apple saw strong double-digits growth in its services business; it grew 16% compared to the same quarter last year and marks over 50% growth since the same quarter 5 years ago. Looking ahead, the company expects the current base of 390 million paid subscriptions to pass half a billion in 2020. Apple is also counting on its recently announced services (Apple News+, Apple TV+ and Apple Arcade) to boost revenue. 

On "Wearables, Home and Accessories" business, Apple claimed that 75% of Apple Watch buyers were new users in the last quarter. Sales of wearables also rose 50% year-over-year. The AirPods continue to do very well for the company according to chief financial officer Luca Maestri. He shared that the company is "working very hard to catch up with incredible customer demand" for the AirPods.

Source: AppleInsider (1) (2) (3) (4), 9to5Mac