Propelled by strong sales of the iPhone 11, Apple Inc. (NASDAQ:AAPL) reported a record amount of revenue for its latest quarter.
Apple announced that it generated revenue of $91.8 billion U.S. in its fiscal first quarter, an increase from $84.3 billion U.S. in the same period last year. Analysts had estimated the company’s revenue would be US$88.37 billion. The California-based technology giant is approaching annual sales of $300 billion U.S., which is a level that only one U.S. company has achieved – Walmart Inc (NYSE:WMT)
While Apple no longer discloses how many individual iPhones it sells, analysts tracked by Bloomberg estimate the company sold nearly 67 million devices during the December holiday season. Those same analysts estimate the company is on track to sell nearly 195 million iPhones in 2020, which would bring the total number of iPhones sold since launch to nearly two billion.
For now, iPhones continue to represent the majority of Apple’s revenue. As for the services unit, Apple generated $12.72 billion U.S. in revenue, which compares to the $12.98 billion U.S. expected by Wall Street. Going forward, Wall Street expects Apple to generate a record $276 billion U.S. in revenue this year, with the company exceeding $300 billion U.S. in revenue by 2021.
Optimism on Wall Street has led to a surge in Apple’s stock, with the shares up more than 100% in the past 12 months.
Tech Insider
