Apple’s recent quarter saw double digit growth in iPhone 11 sales in the US and other regions over the previous year with iPhone revenue increasing 8 percent to $56 billion.
Apple CEO Tim Cook told analysts Tuesday, there is now an active installed base of 1.5 billion Apple devices, up by over 100 million in the last 12 months, which is an all-time high.
The company’s wearables, including AirPods and Watches, set records so that the division is now “the size of a Fortune 150 company,” said Cook. The Apple Watch alone set revenue records for the quarter.
Apple now has over 418 million paid subscriptions across all its services up by 120 million from a year ago.
Total revenue for the quarter set records in the US, Canada, Mexico, Brazil, the UK, Germany, France and other countries, hitting $91.8 billion, up 9 percent “despite a $1 billion headwind from foreign exchange,” said Apple CFO Luca Maestri.
The company’s gross margin was 38.4 percent and product gross margin was 34.2 percent.
Morgan Stanley said its expects “Strong iPhone demand to continue as Apple expands price points with a lower-priced iPhone launching in March and 5G in September,” according to Bloomberg.
You can see a transcript of Apple’s Q1 2020 financial call with analysts here.
Photo: iPhone 11 Pro