Services help Apple’s second-quarter revenue to $ 58.3 billion, despite Covid-19 pandemic

Despite the coronavirus pandemic, Apple was able to keep revenue stable.

Apple said Thursday that its revenue reached $ 58.3 billion in the second quarter of 2020, the quarter that ended in March. The company said its quarterly revenue increased 1 percent from a year earlier, showing that the impact of the coronavirus pandemic on the world’s most valuable technology company has been minimal so far.

“Despite the unprecedented global impact of COVID-19, we are proud to report that Apple grew during the quarter, driven by a historical record for services and a quarterly record for Wearables,” CEO Tim Cook said in a statement. “In this challenging environment, our users depend on Apple products in renewed ways to stay connected, informed, creative, and productive.”

Apple’s burgeoning service business had a great quarter. The segment includes Apple Arcade, Apple TV +, Apple Music and iCloud. The company earned $ 13.5 billion in service revenue, 17% more than the $ 11.5 billion it reported in the same quarter last year.

But iPhones sales fell 6.7 percent to $ 29 billion, down from $ 30.9 billion a year ago. Mac’s revenue was $ 5.4 billion, slightly down from $ 5.5 billion last year. Meanwhile, iPad revenue was $ 4.4 billion, down from $ 4.9 billion last year. The Wearables, Home and Accessories segment generated $ 6.28 billion, thanks to the success of AirPods and AirPods Pro.

Apple warned in February that it would be losing its guidance for the second quarter due to the new coronavirus outbreak in China affecting the global supply chain for iPhones and lower demand. The company said in January that it expected second-quarter revenue of between $ 63 billion and $ 67 billion. For its first quarter of 2020, Apple reported revenue of nearly $ 92 billion, 9% more year-over-year.

Despite the coronavirus pandemic, Apple continues to launch new products. In March, Apple announced a new 11-inch and 12.9-inch iPad Pro, along with a new keyboard accessory. It also introduced a new MacBook Air with a redesigned keyboard. Apple also announced a cheaper iPhone model called the iPhone SE. It costs $ 399, making it the cheapest iPhone model in Apple’s current iPhone line.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For the latest technology news, download the Indian Express app.