(29 January 2020)DAILY MARKET BRIEF 1:Apple Posts Revenue Growth on Strong AirPod, App Sales

Apple Inc. has shaken free of last year's iPhone slump, posting record revenue and a return to profit growth in the latest quarter behind strong sales of its flagship smartphone as well as apps and AirPods wireless earbuds. The tech giant reported revenue rose 9% in the December quarter to $91.82 billion, driven by blossoming sales of devices and services connected to the iPhone such as smartwatches and streaming-TV subscriptions. Sales of iPhones, which account for more than half of its revenue, rose 8% to $55.96 billion. Shares of Apple, which have more than doubled over the past year, rose 1.5% in after-hours trading. Apple executives said they expect the robust sales growth to continue in the current quarter, though they acknowledged the coronavirus outbreak had introduced some uncertainty in China, its second most-important market and the country where most of its products are manufactured. Chief Executive Tim Cook said Apple is limiting travel to China because of the health crisis and has reduced store operating hours in the country. He said Apple has alternatives sources to its suppliers in Wuhan, the region at the center of the outbreak that triggered a broad market selloff Monday. Factories outside of Wuhan have pushed back plans to reopen after the Lunar New Year to Feb. 10 from the end of January, he said.

By Ipek Ozkardeskaya