Jan 29, 2020

Apple credits iPhone 11 demand for record sales

Apple chief Tim Cook said the firm is "Closely monitoring" the coronavirus outbreak, which has clouded its forecast for the upcoming quarter. Apple said sales in the last three months of 2019 rose 8% year-on-year to $91.8bn, while net profits increased 11% to reach $22.2bn. The gains were driven by demand for iPhones and accessories such as watches and AirPods and marked a change from recent performance, which had disappointed with weak iPhone sales. Overall, Apple said it made about $79bn from products and $12.7bn from services, which includes Apple Pay, streaming service Apple TV+, game service Apple Arcade and the App store. The almost 17% growth in services disappointed some analysts, who also noted the firm had offered little insight into the response to Apple TV+, its new streaming service. While Apple has "Some" suppliers in Wuhan, Mr Cook said the firm has alternate sources in those cases.

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