Apple’s Q1 2019 results in five easy charts

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The ups and downs of Apple’s revenue, earnings, iPhone sales, services and revenue from greater China.

 

Apple beat its revised guidance, but not by much. The stock jumped more than 6% in after-hours trading despite revenue guidance that was lower than expected.

From the press release:

“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.”

“We generated very strong operating cash flow of $26.7 billion during the December quarter and set an all-time EPS record of $4.18,” said Luca Maestri, Apple’s CFO. “We returned over $13 billion to our investors during the quarter through dividends and share repurchases. Our net cash balance was $130 billion at the end of the quarter, and we continue to target a net cash neutral position over time.”

Apple is providing the following guidance for its fiscal 2019 second quarter:

• revenue between $55 billion and $59 billion
• gross margin between 37 percent and 38 percent
• operating expenses between $8.5 billion and $8.6 billion
• other income/(expense) of $300 million
• tax rate of approximately 17 percent

Year-over-year percentage changes:

  • Revenues down 4.5%
  • EPS up 7.5%
  • iPhone revenue down 15%
  • Services up 19%
  • Greater China revenue down 27%

Below: The five charts. Click the second column to see year-over-year growth. (Not seeing the charts? Try the website.)

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