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Along with other tech giants, Apple released its own report on financial results based on the results of work in the second quarter of fiscal year 2020 (28 frames of the 2020 calendar ended). Despite the notable business impact of the COVID-19 coronavirus infection pandemic, the company was able to increase revenue by 1% to $ 58.3 billion. This is more than analyst expectations ($ 53.8 billion).
It is observed that in the quarter of the report, the sales volumes of almost all of the company’s devices decreased, with the exception of portable devices. Only AirPods and Apple Watch sales showed growth compared to the same period last year. At the same time, the service provision business has shown significant growth. This is due to the fact that people are forced to stay home and seek entertainment. As a result, the services (including Apple TV Plus, Apple Arcade, Apple Music, etc.) gave the company total revenue of $ 13.3 billion, setting a new record. For comparison, in the second quarter of the previous fiscal year, services generated revenues of $ 11.5 billion.
“Despite the unprecedented global impact of COVID-19, we are proud to report that Apple recorded quarterly growth driven by record services and quarterly wearables,” said Apple CEO Tim Cook in a press release. “In this challenging environment, our users are using new Apple products to stay connected, stay informed, creative, and productive.”
Based on the second quarter results of fiscal year 2020, Apple received a net profit of $ 11.2 billion, which is slightly less than the same period last year ($ 11.6 billion). Earnings per share were $ 2.55, which was above analyst expectations ($ 2.23).
Source: The Verge
