Apple, Inc. (NASDAQ: AAPL) reported its fourth quarter financial results after the closing bell on Wednesday. The Company surpassed revenue and earnings estimates for the quarter, which sent shares 2% higher on Thursday morning.
For the quarter, Apple reported earnings of USD 3.03 per share on revenue of USD 64 Billion. Refinitiv analysts expected earnings of USD 2.84 per share on revenue of USD 62.99 Billion.
Apple reported that revenue increased by 2% year-over-year, primarily driven by stronger sales in its iPad, and Wearables, Home, and Accessories, and Services segments.
At the end of the quarter, Apple’s iPhone sales were USD 33.36 Billion compared to USD 36.75 Billion the same quarter a year ago. Despite the decline, Apple topped analysts’ expectations of USD 32.42 Billion.
Apple also experienced its Mac sales fall from USD 7.34 Billion a year ago to USD 6.99 Billion at the end of the quarter. iPad sales reached USD 4.65 Billion compared to USD 3.98 Billion a year ago. Wearables, Home and Accessories segment reported revenue of USD 6.52 Billion versus USD 4.22 Billion a year ago.
Apple’s Services segment reported revenues of USD 12.51 Billion compared to USD 10.59 Billion a year ago. Moreover, the reported revenue also beat analysts’ expectations of USD 12.15 Billion.
The Company reported that international sales accounted for 60% of its total revenue at the end of the quarter. However, Apple’s Americas market reported the highest growth year-over-year. The market reported revenues of USD 29.32 Billion compared to USD 27.51 Billion a year ago.
The stronger revenue growth in Apple’s Americas market was partially offset by declines in its Europe, Greater China, and Japan markets.
“We concluded a groundbreaking fiscal 2019 with our highest Q4 revenue ever, fueled by accelerating growth from Services, Wearables and iPad,” said Tim Cook, Apple’s Chief Executive Officer. “With customers and reviewers raving about the new generation of iPhones, today’s debut of new, noise-cancelling AirPods Pro, the hotly-anticipated arrival of Apple TV+ just two days away, and our best lineup of products and services ever, we’re very optimistic about what the holiday quarter has in store.”
For the first quarter of fiscal 2020, Apple is forecasting revenue between USD 85.5 Billion and USD 89.5 Billion. Analysts are forecasting revenue of USD 86.92 Billion.