Apple's revenue for the first quarter of fiscal year 2020 increased 9% to $91.8B, the company reported. As for net income, it reached $22.2B or $4.99 per share. It must be noted both figures are the highest in the company's history.
Apple CEO Tim Cook said these good results are thanks to the demand of iPhones 11, portable devices and services.
Apple's revenue from the sale of portable devices and smart home appliances increased by 37% to $10B, from the sale of services by 16% to $12.7B, while revenue from the iPhone increased by 8% to $56B.
At the same time, iPads and Macs sales dropped by 12% and 3%, respectively.
Apple's international sales accounted for 61% of total revenue for the quarter.
During the fourth quarter and the whole year, iPhones sales slid by 9.5% and 14%, respectively. The company believes this is due to the economic downturn in China.
Apple might struggle in China again due to the coronavirus. However, even though Apple has two plants in Wuhan, the firm expects its revenues to increase by 9% and 15% over the next quarter.
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