Apple weathers pandemic, revenue flat but Services at all-time high

Cupertino: Despite COVID-19’s unprecedented world impression on provide points, Apple posted quarterly revenue of $58.three billion for its fiscal 2020 second quarter, slight enhance of 1 per cent from the year-ago quarter as Services revenue reached an all-time high of $13.three billion amid quarterly file for Apple Wearables.

Net revenue was $11.2 billion and earnings per share with $2.55, up Four per cent. Operating money stream was sturdy at $13.three billion — an enchancment of $2.2 billion over a yr in the past.

International gross sales accounted for 62 per cent of the quarter`s revenue.

“In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive,” Apple CEO Tim Cook stated in a press release late Thursday.

The iPhone revenue was $28.96 billion whereas Mac revenue was $5.35 billion.

Apple iPad revenue was $4.36 billion whereas Wearables, Home, and Accessories revenue hit $10.01 billion.

Apple posted an all-time revenue information within the App Store, Apple Music, Video, cloud providers, its App Store search advert enterprise, AppleCare, Apple TV Plus, Apple Arcade, Apple News Plus and Apple Card.

“We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we`ve sent to medical professionals around the world, to the millions we`ve donated to organizations like Global Citizen and America`s Food Fund,” Cook famous.

Apple stated it is going to additionally proceed to purchase again its inventory amid the pandemic.

Luca Maestri, Apple`s CFO, stated the energetic put in base of units reached an all-time high in all of their geographic segments and main product classes.

“We also generated operating cash flow of $13.3 billion during the quarter, up $2.2 billion over a year ago. We are confident in our future and continue to make significant investments in all areas of our business to enrich our customers` lives and support our long-term plans ? including our five-year commitment to contribute $350 billion to the United States economy,” knowledgeable Maestri.

The tech big, nonetheless, didn’t problem steerage for the quarter ending in June. The firm withdrew steerage for its second-quarter in February itself owing to COVID-19 pandemic that has wreaked havoc on world provide chain.

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