Apple's Q1 2019 Earnings Are In, iPhone Is Down, But Other Products Are Up
Today was the big day for Apple as the company released their Q1 2019 earnings which they warned investors about earlier in the month.
In the first quarter, which for Apple includes the holiday season the company made a total of 84.3 Billion Dollars, which is down from the 89-93 Billion they initially thought they would make over the holiday quarter.
After all, expenses are taken into account this means Apple made a total of 19.97 Billion Dollars in profit in the last quarter, still not bad for the company, but again not what they had hoped for.
Comparing this year first quarter against the last two years and you can see the growth Apple continued to see year over year has come to a halt. In Q1 2018 Apple made 88.3 Billion in total revenue and 20.1 Billion in profit. Q1 2017 they made 78.4 Billion in total revenue and 17.89 Billion in profit.
Moving forward Apple is projecting to make 55-59 Billion in Q2 this year. That's down from the 61.1 Billion Apple made last year during the same time.
On a more positive note, Apple did break some records when it came to hardware sales. Services, Mac, and wearables all set new all-time records.
For the iPhone, the total revenue was down 15% from last year at the same time. Services, on the other hand, was up 19% from last year. Then Mac, Wearables, Home, & Accessories all grew from 9% to 33% this year. iPad great 17% year over year.
When asked about the earnings from the previous quarter Apple CEO Tim Cook stated:
“While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide,” said Tim Cook, Apple’s CEO. “Our active installed base of devices reached an all-time high of 1.4 billion in the first quarter, growing in each of our geographic segments. That’s a great testament to the satisfaction and loyalty of our customers, and it’s driving our Services business to new records thanks to our large and fast-growing ecosystem.”