Apple is back to its former glory that was last seen about two years ago. The company announced quarterly revenue of $98.1 billion, up 9% from the same period last year.
Apple's first-quarter achievement was an all-time record given that the company is coming from a financial impact brought by the China-US trade war that persisted for almost two years.
Of most remarkable achievement is that its iPhone segment, which performed poorly in the last two years, delivered a significant portion of its quarterly revenue. iPhone revenue was up 8% at $55.96 billion.
Another notable development is that Apple's Greater China segment - Taiwan and Hong Kong - also showed growth that has never been seen in the last two years. At some point last year, Apple even had to revise its fiscal outlook due to poor Chinese sales due to the country's ongoing trade war with the Trump administration.
Apple also reported quarterly earnings per diluted share of %4.99, up 19%. The current share price is an all-time record as well, as well as the international sales that were up by 61%. For its fiscal 202-second quarter, Apple is looking forward to $63 billion to $67 billion in revenue.
"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 an all-time records for Services and Wearables, Apple CEO Tim Cook said in a statement.
To compare, analysts expected Apple to only hit $88.50 billion revenue and $51.62 billion for the iPhone.
Starbucks also reported impressive quarterly financial results. Investors, however, were more focused on the potential impact of the coronavirus. The concern was particularly strong since Starbucks had already temporarily closed half of its stores across China.
Based on a previous statement from Apple's major supplier Foxconn, the coronavirus may not be as big of a concern for Apple compared to Starbucks. Foxconn said it does not see the need to adjust manufacturing schedules, neither will it be closing any of its factories. Foxconn, which has numerous facilities in China, nevertheless, continues to monitor the situation and will decide accordingly.
Even without a pertinent impact on its fiscal 2020, Cook said Apple has alternative sources for suppliers from Wuhan that stopped production temporarily. And as a preventive measure, Apple closed one store in China.
Meanwhile, Facebook, LG, Razer, SteelSeries, and Microsoft advised employees against traveling to China unless it is necessary. Employees based in China or have recently traveled from the Asian country were asked to work from home in the meantime.
