Apple has posted its financial results for Q1 2019 and, surprise surprise, there’s a five per cent decline for the quarter, year-on-year.
In total, the company posted revenue of $84.3 billion for the quarter. Quarterly earnings per diluted share were up 7.5 per cent, to $4.18. Apple said international sales accounted for 62 per cent of revenue.
iPhone revenue is down 15 per cent compared to last year. Still, total revenue from all other products and services is up 19 per cent. Revenue from services ‘reached an all-time high’ with $10.9 billion, the company said, with Mac, Wearables, Home and Accessories following suit.
The company CEO Tim Cook was happy with the results, despite the drop in revenue. “We wouldn’t change our position for anyone’s”, he allegedly said.
The company also disclosed how many iPhones was active in the world – 900 million, up 75 million (nine per cent) or, as analyst at Creative Strategies Ben Bajarin puts it – “much bigger than most people thought”.
Apple believes its success on the digital services front could make up for the losses on the iPhone sales front.
“Not only is our large and growing installed base a powerful testament to the satisfaction and loyalty of our customers, it is also fuelling our fast-growing services business,” he said, pointing to a 19 per cent increase in services revenues. “We are very happy not only with the growth but also the breadth of our services portfolio . . . Our ecosystem is stronger than ever before.”
Apple’s shares hit $163 in after-hours.
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