Apple has reported its Q1 2019 earnings (calendar Q4 2018), the first earnings report to hide specific unit sales data amid decreasing unit sales, but increasing average selling prices (ASPs). Q1 2019 has seen Apple report revenue of $84.31 billion and net quarterly profit of $19.97 billion.
Compared to the same quarter a year ago, Apple reported $88.3 billion in revenue and $20.1 billion in profit. The two-year compare gives more perspective, when Apple reported $78.4 billion in revenue and $17.89 billion in profit.
Due to Apple’s move to hide specific unit sales data we’re unable to specifically report on exactly how many iPhones, iPads and Macs were sold during the period, although iPhone is expected to account for 62% of Apple’s revenue, with Mac accounting for 9%, iPad accounting for 8%, services (such as iCloud and Apple Music) accounting for 12%, and Apple’s “Other” category accounting for 9% of the revenue reported.
Within a statement shared on Tuesday, Tim Cook, Apple’s CEO said while the numbers are disappointing, Apple’s long-term future is bright: “While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide”, said Cook.
Apple is forecasting revenue between $55 billion and $59 billion for the second fiscal quarter of 2019, with gross margin estimated at between 37 percent and 38 percent. Operating expenses are expected to lie between $8.5 billion and $8.6 billion, while a tax rate of approximately 17 percent is anticipated.