UNITED STATES (OBSERVATORY NEWS) — Apple reported record earnings for the first quarter of 2020, with revenues of $ 91.8 billion, well above expectations of $ 88.43 billion, or a 9 percent increase.
Indeed, the iPhone manufacturing giant had earlier warned investors that revenue would be between $ 85.5 billion and $ 89.5 billion.
Earnings for the period rose to $ 4.99 per share or $ 0.45 more than analysts had forecast.
According to the company , record numbers of the last three months come from high demand for the iPhone 11 and iPhone 11 Pro.
“We’re excited to report record revenue, driven by high demand for our iPhone 11 and iPhone 11 Pro models,” said Apple chief executive Tim Cook.
Apple’s sales in China also rose more than 18 percent in December, according to the latest data from the Chinese Academy of Technology and Information.
For the next three months, the company forecasts revenues of between $ 63 billion and $ 67 billion, while analysts forecast $ 62.33 billion.
A year ago Apple had $ 58 billion in revenue.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
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