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January 28, 2020 11:40 pm

Apple Posts Record Revenue As iPhone Sales Smash Expectations

Apple reported revenue and profit significantly higher than what Wall Street analysts expected. According to CNBC, "Apple's revenue was up 9% to $91.8 billion," thanks in large part to iPhone revenue, "which was up 8% on the strength of new iPhone models." The report also that Apple's "Other Products" did $10 billion in sales during the quarter, and that Apple Watch, AirPods, and Beats headphones alone would be a "Fortune 150" company. Here's how Apple did compared to Refinitiv consensus estimates: EPS: $4.99 vs. $4.55 estimatedRevenue: $91.8 billion vs. $88.50 billion estimatediPhone revenue: $55.96 billion vs. $51.62 billion estimatedServices revenue: $12.7 billion vs. $13.07 billion estimatedOther products revenue: $10 billion vs. $9.52 billion estimateGross margin: 38.4% vs. 38.1% estimatedQ2 revenue guidance: $63 billion to $67 billion vs. $62.45 billionQ2 margin guidance: 38% to 39% vs. 38.2%"Apple's range of guidance for next quarter is wider than typical," the report concludes, "a change that Cook attributed to uncertainty caused by the deadly coronavirus, which has shut down travel in parts of China."

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