iPhone 11 sales drive Apple to record holiday earnings

CEO Tim Cook greets shoppers inside the store.

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CEO Tim Cook greets shoppers inside the store.

iPhone 11s have been very kind to Apple’s bottom line. 

Driven by what CEO Tim Cook called “exceptional sales” of its latest premium smartphones, Apple posted record 2020 first-quarter revenues of $91.8 billion, up 9% from the same period a year ago.

Earnings-per-share registered $4.99, well above Wall Street forecasts of $4.54, as  estimated by S&P Global Market Intelligence.

The iPhone alone generated nearly $56 billion during the holiday quarter; the iPhone 11 was the best-selling model within the period.

Cook indicated that Apple’s active installed base of devices has reached more than 1.5 billion.

Apple also reported record revenues in the services (iCloud, Apple Music, App Store, Apple Care, Apple TV+) and wearables sectors (AirPods, Apple Watch), the latter of which Cook referred to as having a “blowout quarter”.

By itself Apple’s wearables business has grown to the size of a Fortune 150 company, Cook said.

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