Apple posts strong quarter on service revenue

Apple iPhone 11
Apple posted a strong September quarter based on strong revenue from services, wearables, and iPads. (Apple)

Apple posted revenue of $64 billion for its fiscal 2019 fourth quarter ended September 28, 2019, up 2% from the year-ago quarter, and earnings per diluted share of $3.03, up 4%. International sales accounted for 60% of the quarter’s revenue.

During the quarter, Apple introduced a host of new products, including three new iPhones, as well as additional Apple Watch and iPad models. Apple is also reportedly unveiling a new iPhone SE 2 phone in 2020 priced at $399.

“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 CEO, in a statement. “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.”

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For its fiscal 2020 first quarter, Apple projects revenue of $85.5 to $89.5 billion, gross margin of 37.5 to 38.5%, and operating expenses between $9.6 to $9.8 billion.

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