Apple’s CEO on the company’s 2019 Q2 earnings

Apple’s second-quarter results for 2019 are in. Here’s our transcript of the call.

Apple CEO Tim Cook and CFO Luca Maestri spoke with analysts during the company’s Q2 2019 earnings call. Here’s our ongoing live transcript of their remarks! If you want more info on Apple’s results, we recommend checking out the awesome charts from Six Colors.

Cook’s opening remarks

Tim Cook

Good afternoon and thanks to all of you for joining us today. This has been an exciting and productive quarter for Apple. In my letter to investors at the beginning of January, I wrote that one of Apple’s great strengths is our culture of flexibility, adaptability, and creativity. This quarter featured some important announcements that speak to the power of our commitment to innovation and long term thinking. I’d like to start with some top line highlights and then move into greater detail with you. I’ll get started with financial results. Our revenue was $58 billion, toward the high end of our guidance range. We see this result as a positive outcome in light of ongoing headwinds from weaker foreign currencies relative to the US dollar. In constant currency, our year over year revenue performance would have been 200 basis points better than our reported results indicate. We had great results in a number of areas across our business. It was our best quarter ever for services, with revenue reaching $11.5 billion. We had a blockbuster quarter for iPad, with revenue up 22% from a year ago — this is our highest iPad revenue growth rate in six years. And it was another sensational quarter for wearables, with growth near 50%. This business is now about the size of a Fortune 200 company, an amazing statistic when you consider it’s only been four years since we delivered the very first Apple Watch. I’ll talk more about these categories later.

Stick around! We’re transcribing the call live.