Apple logs $58-bn revenue, Services hit record high

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Cupertino (California), May 1 (IANS) Riding on the growth in its Services and wearable segments, Apple has posted a revenue of $58 billion for its second quarter of 2019 — a decline of 5 per cent from the year-ago quarter.

The revenue from iPhones was $31.05 billion — down from the year-ago quarter but enough to make up over 53 per cent of the entire revenue.

The revenue from Apple’s non-hardware business like iCloud, Apple Music and App Store surged to $11.5 billion this quarter.

“Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record,” Apple CEO Tim Cook said in a statement late Tuesday.

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This is a good quarter for Apple compared to the last one where the company admitted poor iPhone sales and revised its earnings guidance.A

The iPhone sales had fallen 15 per cent from the year prior in Apple’s first quarter.

In Q2, international sales accounted for 61 per cent of the revenue.

“We delivered our strongest iPad growth in six years, and we are as excited as ever about our pipeline of innovative hardware, software and services,” Cook added.

Apple generated operating cash flow of $11.2 billion in its second quarter.

“We also returned over $27 billion to shareholders through share repurchases and dividends. Given our confidence in Applea¿s future and the value we see in our stock, our Board has authorized an additional $75 billion for share repurchases,” informed Luca Maestri, Applea¿s CFO.

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For its fiscal third quarter of 2019, Apple forecasts revenue between $52.5 billion and $54.5 billion.

The company recently announced new Services like News+ subscriptions, Apple TV+ and Apple Arcade.

The company has also released back-to-back new models of AirPods, iPad Air, iPad mini and the iMac desktop.

–IANS

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