Apple’s services revenue reaches an all-time high for 2019 Q4, according to Apple’s press release.

US $ 12.5 billion of the total quarterly revenue of $64 billion — a two-percentage-point spike from 2018 Q4’s total quarterly revenue of $62.9 billion.

Apart from the Services Revenue, the earnings per share (EPS) on Q4 also set a new record at $ 3.03, up by four percentage points. Meanwhile, the operating cash flow reached $19.9 billion.

Rapid growth

Apple’s services division consists of Apple Pay, Apple Music, iTunes and the App Store, and other services the company provides. According to Apple, this division is growing fast.

“With customers and reviewers raving about the new generation of iPhones, today’s debut of new, noise-cancelling AirPods Pro, the hotly-anticipated arrival of Apple TV+ , … , and our best lineup of products and services ever, we’re very optimistic about what the holiday quarter has in store, ” according to Apple CEO Tim Cook.

A positive trend

Here is a timeline of Apple’s quarterly revenue. We can see that the company’s revenue only experience growth throughout the previous years.


In spite of the continuing growth of Apple’s services division, the iPhone remains to be the top revenue contributor, with 52% of the revenue coming from this division. Services is in 2nd place (20%) , followed by the Mac (11%), Wearables, Home, and Accessories (10%) and iPad (7%).

Planning ahead

For the fiscal 2020 Q1, Apple has provided the following guidance:

  • revenue between $85.5 billion and $89.5 billion
  • gross margin between 37.5 percent and 38.5 percent
  • operating expenses between $9.6 billion and $9.8 billion
  • other income/(expense) of $200 million
  • tax rate of approximately 16.5 percent

With this, we can see that the company is positive that it will continue to grow in revenue and remain on top of the market.

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