Market Overview

Apple's Q1 Earnings Boosted By Strong iPhone, Services Sales

Apple's Q1 Earnings Boosted By Strong iPhone, Services Sales

Apple Inc. (NASDAQ: AAPL) shares traded higher Tuesday after the company posted fiscal first-quarter earnings and sales beats, and issued second-quarter revenue guidance above estimates.

Earnings came in at $4.99 per share, beating analysts' expectations of $5.45 by nearly 10%. Sales came in at $91.82 billion, which beat the analyst consensus estimate of $88.43 billion by 3.83%.

Apple reported EPS of $4.18 per share in the same quarter a year ago. Revenue in last year's same quarter was $84.31 billion.

First-quarter services revenue came in at $12.72 billion, up 17% year over year. iPhone sales totaled $55.96 billion, up 7.6% year over year, while wearables, home and accessories sales were also up, 37% year over year. Greater China sales were up 3% over the same quarter last year.

The company expects to pass 500 million subscribers to Apple and third party services in early 2020, and is upping its subscriber goal for the full year to 600 million.


For the second quarter, Apple sees sales of $63 billion to $67 billion, ahead of the $62.45 billion Street estimate. Apple said, however, it was giving a wider revenue forecast range than is typical, because of uncertainty around the Chinese economy as the country deals with a coronavirus outbreak.

Apple shares had rallied to new all-time highs in the month leading up to Tuesday's print, even as the broader market was beset by concerns over the potential impact of the Wuhan coronavirus on the Chinese economy.

Apple's stock closed Tuesday at $317.69 per share and was trading up 2.2% after-hours to $324.90.

Related Links:

How Options Traders Are Betting On Apple Ahead Of Q1 Earnings

4 Things To Watch For On Apple's Q1 Earnings Call

Posted-In: iPhoneEarnings News Guidance Top Stories After-Hours Center Tech Best of Benzinga


Related Articles (AAPL)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at