Quarterly revenue and profit at Apple has fallen for the first time in over a decade, but revenue generated from wearables, including the Apple Watch, reached an all-time high.
In releasing its financial results for its fiscal 2019 first quarter ended December 29, 2018, Apple confirmed how quarterly revenue of $84.3 billion declined by 5% like for like on the same period last year.
Despite the drop in revenue across the board for Apple, which has been put down to the 15% drop in income produced by the iPhone, Wearables, Home and Accessories reached an all-time high of 33% growth on last year.
Tim Cook, Apple’s CEO, commented on the financials: “While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide.”
He continued: “Our active installed base of devices reached an all-time high of 1.4 billion in the first quarter, growing in each of our geographic segments. That’s a great testament to the satisfaction and loyalty of our customers, and it’s driving our Services business to new records thanks to our large and fast-growing ecosystem.”
Putting the drop in iPhone revenue and fall in overall profits aside, the financials show how Apple is continuing to make in-roads into the international watch market.
Just last summer, WatchPro covered how Apple had extended its lead as the world’s biggest watchmaker when it was reported that the tech giant had sold more watches in the fourth quarter of 2017 than the entire Swiss watch industry combined.
You can read WatchPro’s full report here: