Apple revealed its financial results for 2020, with a general performance of its shares that rose by 81%.
The company registered record results and significant revenue growth thanks to its various sales, especially the iPhone.
Apple managed to achieve revenues of $91.8 billion during the first quarter of 2020. The per-share profit is $4.99, an increase of 19% over the first quarter of 2019.
The company announced that its quarterly revenue increased by 9% compared to the first quarter of 2019.
The first quarter saw strong sales of iPhone 11 and iPhone 11 Pro series.
“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 records for Services and Wearables,” said Tim Cook, Apple’s CEO.
iPhone sales were at $55.96 billion in revenue in the first quarter, up 8% year-on-year, beating market expectations at $51.5 billion.
The company also recorded $58.3 billion in profit in the second quarter, and a $2.55 per share, increasing 1% over the quarter.
The same year in 2019 and international sales accounted for 62% of the quarter’s revenue.
The company was then able to raise its earnings to $ 59.7 billion in the third quarter of last year, with a profit of 2.58 per share.
In the same quarter of 2019, Apple’s revenue was at $59.7 billion, and profits of $11.25 billion. The company had reported revenues of $53.8 billion and $10.04 billion in earnings.
In the fourth fiscal quarter of 2020, Apple reported $64.7 billion in revenue with a profit of 12.67 billion.
This is compared with $64 billion in revenue and $13.69 billion in profits in the same quarter last year.
Analysts’ estimates ranged from $52.55 billion to $70.55 billion, with an average of $64.16 billion.
The financial data showed an increase in the share value by about 4.8% at the beginning of 2021. The profitability ratio reached 43 times, and the double book value was at 36 times, while the dividend yield was at 0.59%.
The projections for the first quarter of 2021 indicated $103 billion in revenues, with a profit of 1.4 per share.
In the same context, Morgan Stanley expected $108 billion and a profit of $1.5 per share.
Morgan Stanley relied in its forecasts on the strength of iPhone 12, the latest release of Apple of mobile phones.