Apple (AAPL) Q1 Earnings Beat Estimates, Revenues Down Y/Y
Zacks Investment Research | Jan 29, 2019 09:13PM ET
Apple (NASDAQ:AAPL) reported first-quarter fiscal 2019 earnings of $4.18 per share that beat the Zacks Consensus Estimate by a penny and increased 7.5% year over year.
Net sales decreased 4.5% year over year (3% when adjusted for foreign exchange) to $84.31 billion, which surpassed the Zacks Consensus Estimate of $84.07 billion.
Product sales (87.1% of sales) decreased 7.2% to $73.44 billion. Services (12.9% of sales) revenues increased 19.1% from the year-ago quarter to $10.88 billion.
Notably, total active installed base of devices grew from 1.3 billion at the end of January 2018 to 1.4 billion by the end of December, reaching a new all-time high for each of the main product categories. Moreover, non-iPhone business grew 19% year over year.
Geographical Performance
As anticipated earlier, Greater China (15.6% of sales) sales plunged 26.7% from the year-ago quarter to $13.17 billion. The decline was across the board, including iPhone, Mac and iPad.
On the positive side, Apple stated that services revenues in Greater China hit record level. The country currently has 2.5 million registered iOS developers. Wearables business revenues jumped more than 50%.
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