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Apple's Wearables Category Sets All-Time Revenue Record in Q1 2020, Surpassing Mac for the First Time
Apple's wearables earnings category, which includes AirPods and Apple Watch along with accessories like Beats headphones and HomePod, hit $10 billion, up from $7.3 billion in the year-ago quarter.
Wearables, Home, and Accessories revenue surpassed Mac revenue for the first time this quarter. Mac revenue was at $7.2 billion in Q1 2020.
According to Apple CEO Tim Cook, Apple could not make enough AirPods and Apple Watch Series 3 devices to meet demand during the quarter, and supplies continue to be low. Cook told Reuters that Apple is "working on both of those very hard."
Apple Watch set a new all-time revenue record during the quarter, and more than 75 percent of new customers during the quarter were new to Apple Watch. Both AirPods and Apple Watch were "must-have holiday gifts," driving growth even as supplies were constrained.
Cook says that Apple's wearables business is now the size of a Fortune 150 company.