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With $62.9 Billion Revenue, Apple Has $237 Billion in Cash on Hand

Riding on the enormous growth in Services, App Store purchases and device sales, Apple has reported a $62.9 billion in revenue in its fiscal fourth quarter for 2018, ending it with $237.1 billion in cash on hand.

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The company sold 46,889 iPhones (sold 41,000 units in fiscal Q3), 9,699 iPads and 5,299 Macs in the fiscal fourth quarter. The revenue increased to 20 per cent from the year-ago quarter while international sales accounted for 61 per cent of the quarter’s revenue, Apple said in a statement.

“We are thrilled to report another record-breaking quarter that caps a tremendous fiscal 2018, the year in which we shipped our 2 billionth iOS device, celebrated the 10th anniversary of the App Store and also achieved the strongest revenue and earnings in Apple’s history,” said Apple’s CEO, Tim Cook.

“Over the past few months, we have delivered huge advancements for our customers through new versions of iPhone, iPad, Apple Watch and Mac as well as our four operating systems,” he added.

Services revenue extend to an all-time high of $10 billion.

“We have concluded a record year with our best September quarter ever, our digits doubled in every geographic segment,” said Luca Maestri, Apple’s CFO.

“We generated over $19.5 billion in operating cash flow and returned over $23 billion in dividends to shareholders and share repurchases in the September quarter, bringing total capital returned in the fiscal year 2018 to almost $90 billion.”

The Cupertino-based company aims for revenue for its fiscal 2019 first quarter to hit between $89-$93 billion.

“In 2018 fiscal year, our revenue grew by $36.4 billion. That is the equivalent of a Fortune 100 company in a single year, and we are capping all that off with our best September quarter ever recorded,” said Cook during the earnings call with analysts.

“Fourth quarter was up 29% over last year, an increase of over $8 billion to a new September quarter record fueled by continued momentum for the iPhone 8, 8 Plus and X, and the very successful launch of iPhone Xs and XS Max,” the CEO added.

And also just last week, the company began shipping iPhone XR, bringing the latest iPhone breakthrough to even more users.

“With an all-screen glass and aluminium design and the most advanced LCD in a smartphone, the product reviews have been greatly positive,” said Cook.

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