Apple has posted its best ever quarterly earnings for Q1 2020 (ending 28 December 2019) with revenue of $91.8 billion and profit of $22.2 billion. The company annoyingly does not announce iPhone, iPad, Mac or Watch sales numbers, leaving Tim Cook to explain:

“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. During the holiday quarter our active installed base of devices grew in each of our geographic segments and has now reached over 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.”

This statement implies Apple has reaped the rewards of yet another successful iPhone launch, along with sales of the Apple Watch and AirPods (wearables) and Apple Music, Apple News+, Applw Arcade and Apple TV+ (services).

The breakdown of revenue for each of Apple’s products:

  • iPhone: $55.96 billion
  • Mac: $7.16 billion
  • iPad: $5.98 billion
  • Wearables, Home, and Accessories: $10.01 billion
  • Services: $12.72 billion

These are mind-boggling numbers. The lowest revenue was for the iPad, but a quarterly revenue posting of nearly $6 billion is still astoundingly high.

Apple continues to impress with its Christmas holiday earnings where it benefits from a boom in iPhone sales after new models launch in September. Analysts always seem to decide Apple is due a bad year, which comparatively it sometimes does have, but when this is the bar, Apple is in no danger.

It clearly relies on the iPhone for over 50% of its revenue, but the services and wearables categories outstripping the iPad and Mac show where the company is going, particularly following its services push in 2019. Once the customers who have had a free year of Apple TV+ with their new iPhone or iPad start to pay, that large number will likely rise – along with Apple’s unprecedented financials.