Apple Watch Helps Tech Giant Post Record-Breaking Quarter

Despite tariffs and other headwinds, Apple Inc. broke records in the fiscal first quarter of 2020, according to chief executive officer Tim Cook. The gains were fueled largely by the iPhone 11 and 11 Pro. But traction in segments like wearables helped take things over the top. The Cupertino, Calif.-based tech company reported revenue of $91.8 billion, easily besting analyst projections of $88.37 billion and trouncing revenue from the year-ago quarter of $84.3 billion by 9 percent. Earnings per share clocked in at $4.99, topping analysts’ expectation of $4.55 and soaring over EPS of $4.18 from the previous year’s quarter. Apple posted record profit at $22.24 billion, roughly a 10 percent boost above any previous quarter. Certainly the iPhone, which raked in revenue of $55.96 billion, had a lot to do with Apple’s bottom line. But it was also hard to miss the fact that the company’s accessories category has become a bona fide business, nabbing $10 billion over the quarter for the first time. “We had another incredible quarter setting an all-time record in virtually every market we track around the world and [wearables] is now the size of a Fortune 150 Company,” he told investors during the company’s fiscal first-quarter call on Tuesday

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