Apple Revenues Record Slight Uptick To $58 Billion YOY

To date, the pandemic has had an “unprecedented global impact” on Apple, according to CEO Tim Cook.

Cook made the statement in Apple’s fiscal second-quarter earnings report, released Thursday. For the quarter ended March 28, Apple’s revenue rose by 1% to $58.3 billion, year-over-year.

Modest as it was, Cook credited the rise in revenue to a record performance by Apple’s services division, along with strong wearables sales.

During the quarter, services revenue totaled $13.34 billion — up from $11.45 billion during the same period, last year. Wearables, home and accessories revenue surpassed $10 billion.

Citing the uncertainty resulting from the ongoing pandemic, Apple chose not to issue guidance for its fiscal third quarter. From shuttered retail stores to stalled manufacturing, the pandemic haunted Apple throughout its second quarter.    

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Yet, Apple’s gadgets still sold reasonably well during the period. For example, revenue from iPhone sales rose from nearly $29 billion to just over $31 billion, year-over-year.

At a company-wide virtual meeting in mid-April, Cook was optimistic about the job security of Apple’s employees.

This week, Cook also said he was proud of Apple’s response to the COVID-19 crisis, like donating tens of millions of face masks and custom-built face shields to medical professionals around the world.

Luca Maestri, Apple’s CFO, also said Apple remains committed to contributing $350 billion to the U.S. economy over the next five years

Still, Apple was burdened by legal issues this quarter. In mid-March, it was hit with a massive $1.23 billion fine by French antitrust regulators.

At the beginning of the month, Apple agreed to pay up to $500 million to settle what came to be known as the ‘Batterygate’ class-action lawsuit.

 

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