Apple reports record Q1 2020 revenue, says iPhone 11 and 11 Pro had ‘strong demand’

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Apple’s results for the first quarter of fiscal 2020 are in.

Apple reports that it brought in $60 billion in iPhone revenue in Q1 2020, which was the three-month period ending on December 28, 2019. That’s up from the same period one year ago in which the iPhone brought in $52 billion in revenue.

iPad revenue didn’t fare quite as well, dropping from $6.8 billion in Q1 2019 to $6.0 billion in Q1 2020. Mac revenue also fell, slipping from $7.4 billion in Q1 2019 to $7.2 billion in Q1 2020.

Apple made up for those drops in its Wearables, Home, and Accessories and Services categories. The Wearables, Home, and Accessories category grew from $7.3 billion in Q1 2019 to $10.0 billion in Q1 2020. Meanwhile, Services grew from $10.9 billion in Q1 2019 to $12.7 billion in Q1 2020.

Total revenue for the quarter grew 9% year over year to finish at $91.8 billion, which is an all-time record. Net income for the quarter finished at $22.2 billion, up from $20 billion in the year-ago quarter.

“We are thrilled to report Apple’s highest quarterly revenue ever, fueled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables,” said Apple CEO Tim Cook. “During the holiday quarter our active installed base of devices grew in each of our geographic segments and has now reached over 1.5 billion. We see this as a powerful testament to the satisfaction, engagement and loyalty of our customers — and a great driver of our growth across the board.”

Cook notes that in addition to the iPhone 11 and 11 Pro, the Services and Wearables category helped push Apple to its record quarterly revenue. That category includes AirPods and AirPods Pro, the latter of which launched at the end of October 2019 and were sold out for a good part of the holiday season.

In fact, Cook told Reuters that Apple couldn’t make enough AirPods and Apple Watch Series 3 models to meet demand during the quarter and that the company continues to be short on both devices. The CEO had no estimate for when it’ll be able to catch up to demand.

Also revealed today is that Apple now has more than 480 million subscribers to its own and third-party paid services, up from 360 million one year ago.

Finally, Cook teased that Apple TV+ is “very strong,” both among the people getting it for free from buying a new Apple device and those that are paying for it. He didn’t disclose exact subscriber numbers for the streaming video service, though.

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