Apple shares are up about 5% after the company released their earnings report for the first quarter. This is good news for the company, as Apple has had concerns over a slowdown in iPhone sales. However, Apple’s other products have been selling quite well, and earnings per share are at an all-time high of $4.18.
In the first quarter of the fiscal year, Apple has shown strong earnings across the board, with the exception of the iPhone. Revenue from the iPhone went down 15% in Q4, but revenue from all other Apple products increased by 19%. The company’s service sector is also performing excellently, and revenue from services reached a record $10.9 billion, a 19% increase from last financial year. Wearable products as well as home accessories have contributed to the overall growth in revenue as well. The company has also done well globally, as international sales accounted for 62% of revenue.
Apple CFO Luca Maestri said that the company “generated very strong operating cash flow of $26.7 billion during the December quarter and set an all-time EPS [earnings per share] record of $4.18. 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.”
