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Apple shares surge as holiday sales beat market predictions

By Yana Berman

Tech giant posts 9 per cent year-on-year rise, with overall revenue hitting all-time high

Apple CEO Tim Cook

has recently unveiled record results for the holiday quarter, beating Wall Street expectations thanks to rising iPhone sales and growing demand for add-ons, such as AirPods.

In its quarterly report, the company announced overall revenue of $91.8bn (£70.5bn, €83.4bn), up 9 per cent year-on-year. Apple says this is the highest quarterly revenue in its history. Quarterly earnings per share were up 19 per cent to $4.99, another record for the tech giant.

The report links the sales surge sales to record demand for iPhone 11 and iPhone 11 Pro, as well as strong sales of services and wearables.

In total, Apple's net income for the period was $22.2 bn and operating cash flow was about $30.5bn. Shareholders received nearly $25bn, including $20bn in share repurchases and $3.5bn in dividends.

Following the report, Apple stock was up almost 3 per cent, closing at $317.69 on Tuesday, January 28.

However Apple is facing production problems in China due to the coronavirus outbreak. CEO Tim Cook told Reuters that the company had used a wider-than-normal prediction range because of the uncertainty in the region.

Cook also confirmed that Apple has halted business trips to the country, as Facebook and LG did earlier this week.

The company has tech suppliers in the Wuhan area, where the virus outbreak began. Factories there will remain closed until February. 10. For Apple this might significantly reduce the number of devices produced this month.

Apple has also closed one of its shops in China and cut opening hours at others, Cook said.

FURTHER READING: Facebook and other major companies restrict business trips to China

FURTHER READING: Coronavirus fears weigh on oil and travel stocks

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