Apple Stock Rises After Hours on Record Earnings

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Apple (NASDAQ: AAPL) reported record first quarter earnings results. The company posted quarterly revenue of $91.8 billion, up 9% year over year. This was primarily driven through growth in IPhone, wearable and service sales.

Net income rose to $22.2 billion, while generating operating cash flow of $30.5 billion. First quarter earnings were $4.99 per diluted share, up 19% year over year. International sales accounted for 61% of Apple’s revenue for the quarter.

Apple CEO, Tim Cook, said in a statement, “We are thrilled to report Apple’s highest quarterly revenue ever, fuelled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables.”

Apple returned nearly $25 billion to shareholders during the quarter. Including $20 billion in share buybacks and $3.5 billion in dividend payouts.

Guidance Fiscal 2020 Second Quarter

  • revenue between $63.0 billion and $67.0 billion
  • gross margin between 38.0 percent and 39.0 percent
  • operating expenses between $9.6 billion and $9.7 billion
  • other income/(expense) of $250 million
  • tax rate of approximately 16.5 percent

Apple’s board of directors have declared a cash dividend of $0.77 per share of the company’s common stock. The dividend is payable on February 13, 2020 to shareholders of record.

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