Following the release of its [fiscal] Q2 2019 financial results, Apple’s CEO Tim Cook and CFO Luca Maestri hopped on a conference call to talk about the company’s performance over the past 3 months. As usual, we’ve rounded up some of the more interesting points from the call below.
- Services revenue reached all time high of $11.5 billion
- Wearables, home and accessories category sets Q2 record with $5.1 billion in revenue – now the size of a Fortune 200 business.
- Wearables growth was near 50% YoY
- 390 million paid subscriptions across Apple services, 30 million increase over last quarter
- Active installed base of Macs now at all-time high
- Strongest iPad growth in 6 years – revenue grew in all 5 of Apple’s geographic segments
- Apple ended Q2 with $225B in cash and marketable securities, $113B in net cash
- Apple has announced an additional $75B for share repurchasing
- YoY revenue in Greater China improved relative to December quarter thanks to price reductions for popular products and new trade-in initiatives
- Tim Cook on recent Qualcomm settlement: “we feel good about the resolution. We’re happy to put the litigation behind us […] we’re very happy to have a multiyear supply agreement and direct license agreement with Qualcomm.”
In after hours trading, shares of Apple were up some $10.23, or just over 5%. If you’d like to listen to a replay of the earnings call, you can find it here for a limited time.