Apple reports its first quarter financial results

Apple has announced the financial results for its fiscal 2019 first quarter that ended Dec. 29, 2018. The company posted quarterly revenue of $84.3 billion, a decline of 5% from the year-ago quarter, and quarterly earnings per diluted share of $4.18, up 7.5%.
International sales accounted for 62% of the quarter’s revenue. Revenue from the iPhone declined 15% from the prior year, while total revenue from all other products and services grew 19% Services revenue reached an all-time high of $10.9 billion, up 19% over the prior year. Revenue from the Mac and Wearables and Home and accessories also reached all-time highs, growing 9% and 33% respectively, while revenue from the iPad grew 17%.
“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 CEO Tim Cook in a press release. “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.”
“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,” added Chief Financial Officer Luca Maestri. “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.”
Apple is providing the following guidance for its fiscal 2019 second quarter: revenue between $55 billion and $59 billion; gross margin between 37% and 38%; operating expenses between $8.5 billion and $8.6 billion; other income/(expense) of $300 million; and a tax rate of approximately 17%.
Apple’s board of directors has declared a cash dividend of $0.73 per share of the Company’s common stock. The dividend is payable on Feb. 14, 2019, to shareholders of record as of the close of business on Feb. 11, 2019.
The post Apple reports its first quarter financial results appeared first on MacTech.com.