Forward-looking: Looking ahead even further, the latter portion of 2020 could be huge for Apple as many have been holding off on upgrading their iPhones until Apple rolls out support for 5G networks. That's expected next September which some believe could spark a "supercycle" of upgrades.

Apple at the close of markets on Wednesday shared financial results for its fiscal 2019 fourth quarter, beating Wall Street forecasts in all major categories.

For the three-month period ending September 28, Apple posted revenue of $64 billion, an increase of two percent year-over-year. Earnings per diluted share are $3.03, up four percent compared to the same period a year ago. Operating cash flow was $19.9 billion.

As Business Insider highlights, analysts were expecting revenue of $63 billion and earnings per share of $2.84.

Apple in the quarter generated $33.4 billion in revenue from iPhone sales, $6.99 billion from the Mac, $4.65 billion from the sale of iPads and $6.52 billion from wearables, home and accessories. The company's other big cash cow outside of the iPhone, its services division, brought in $12.51 billion.

Apple CEO Tim Cook said they finished the period with their highest Q4 revenue ever, led by "accelerating growth from services, wearables and iPad."

For the fiscal 2020 first quarter (the holiday quarter), Apple is forecasting revenue between $85.5 billion and $89.5 billion, which is on the healthy side of analysts' expectations of $86.51 billion.

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