By
Godfrey Benjamin
March 22nd, 2024
Apple has revealed the figures showing its earnings in the first fiscal quarter. The report demonstrates a strong surge in revenue from the iPhone 11.
Apple is already off to a great start this year. Yesterday, Apple released a report for the fiscal first quarter. According to the report, the new iPhone 11 brought in good fortunes for the company in revenue and beat expectations analysts provided.
iPhone 11 in Apple First Quarter Report
Apple says that revenue from iPhones alone account for $56 billion, with the iPhone 11 accounting significantly. The number is an additional $22.64 billion from iPhone sales in the fourth quarter which totaled $33.36. Also, it is an 8% climb from the same period last year.
The surge is somewhat unsurprising when it is considered that Apple already said last year that demand exceeded expectations. The figure shoots past the $51.62 billion suggested by analysts as iPhone’s fiscal first quarter revenue.
Speaking to CNBC recently about the iPhone 11, Apple CEO Tim Cook mentioned a few points that give it an edge over others. Cook believes that the improvement coupled with the market value gave it a boost.
“People love the battery life. They love the camera. They love the industrial design. The battery lasts all day. We also hit the right price with it.”
Other Highlights from First Quarter Report
Apple’s major business is the iPhone. However, the company has slowly shifted other parts of its manufacturing business into focus. Apple’s other businesses, like wearables, have improved the company’s outlook and its revenue as well. The report confirms that a combination of all these ensured Apple hit a quarterly revenue record. Cook said in the report:
“We are thrilled to report Apple’s highest quarterly revenue ever, fueled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables.”
Furthermore, Cook added that the “holiday quarter” saw amazing growth in “each of our geographic segments”. Referring to the number of active devices, Cook says Apple has hit 1.5 billion.”
“We see this as a powerful testament to the satisfaction, engagement and loyalty of our customers – and a great driver of our growth across the board.”
For services, Apple’s revenue jumped to $12.7 billion, a 17% increase. In the wearables and accessory department, Apple surged 37% to a $10 billion total revenue. The company has said that demand for its Apple Watch and AirPods also hit an all-time high in the first quarter.
On New Year’s Day alone, Apple’s App Store recorded total revenue of $386 million, cementing a 16% increase from the same period last year.
Coronavirus Looms on Apple
As great as Apple’s first quarter was, it might need to worry about the coronavirus epidemic. The death toll has hit 132 as the virus continues to spread. Apply works with a few partners in China, with some in the Wuhan area where the virus started. Also, reports suggest Apple plans to ship 80 million iPhones before the end of June. However, with three major assembly plants in Taiwan where the virus has already reached, Apple could need a change of plans.