comscore Apple reports all-time high Services revenue with 2020 Q2 earnings

Apple reports all-time high Services revenue of $13.3 billion with 2020 Q2 earnings

Apple just came out with it's Q2 earnings report and the US based tech company says that it's revenue earned in this quarter is at an all time high.

  • Updated: May 1, 2020 10:57 AM IST
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Image Credit: Karthekayan Iyer

With the coronavirus pandemic wreaking havoc on business all over the world, revenue has dried up. But Apple just came out with it’s Q2 earnings report and the US based tech company says that it’s revenue earned in this quarter is at an all time high. Apparently, Apple has earned a revenue of $13.3 billion in this quarter. It seems like services and wearables sectors are booming for the company. According to a Bloomberg report, Apple’s expected revenue was $54.25 billion and it earned $58.3 billion. Also Read - Apple and Google release first COVID-19 exposure tracing API for developers

“Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Tim Cook, Apple’s CEO. “In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. 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.” Also Read - Apple iPhone 12 series production delayed by a month due to pandemic, reports WSJ

Apple Q2 2020: Revenue shares

Apple iPhones which have been a steady revenue driver for the company has seen a decline. It fell from $31 billion in Q2 2019 to $29 billion in Q2 2020. Compared to that Service sales is up from $11.5 billion to $13.3 billion. The Wearables section has also buoyed things up from $5.1 billion last year to $6.3 billion. Also Read - Google and Apple to shut down Coronavirus tracker once pandemic is over

“Our active installed base of devices reached an all-time high in all of our geographic segments and all major product categories,” CFO Luca Maestri said in the report. “We also generated operating cash flow of $13.3 billion during the quarter, up $2.2 billion over a year ago.”

Apple has been easily affected by supply chain disruptions which means the coronavirus crisis hit them hard. Apple even pulled its initial guidance for Q2 with the pandemic hit the country hard. The company even shut stores in mainland china until March.

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  • Published Date: May 1, 2020 10:33 AM IST
  • Updated Date: May 1, 2020 10:57 AM IST