Apple recently announced its financial results for its fiscal 2020 first quarter, beating Wall Street’s expectations by billions of dollars. The company posted quarterly revenue of $91.8 billion, an increase of 9 percent compared to the same time last year and an all-time record. For insights on the factors driving Apple’s surge in earnings, NPR’s Marketplace program recently spoke with Ashfield Capital Partners Portfolio Manager Adrian Fadrhonc.
According to Fadrhonc, the iPhone 11, the AppleWatch, AirPods and services including AppleCare have combined to fuel Apple’s ecosystem growth. “They’re really selling hardware, software and services with a mixed margin at a premium,” he explains.
Fadrhonc’s observations are supported by comments made by Apple CEO, Tim Cook, during the company’s quarterly earnings call.
“We are thrilled to report Apple’s highest quarterly revenue ever, fueled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables,” Cook told investors.
Listen to the entire clip on Marketplace below.
About Marketplace: Marketplace is NPR’s flagship program all about providing context on the economic news of the day. Through stories, conversations and newsworthy numbers, they help listeners understand the economic world around them.