Apple has reported quarterly revenue of $58.3 billion, up 1% over last year with a net profit of $11.2 billion, down 3.11% YoY and earnings per diluted share of $2.55 for the financial year Q2 2020 that ended March 28, 2020. During earnings call Tim Cook said that it has posted an all-time record Services revenue of $13.3 billion with all-time records in many of Services categories and in most countries.
“It was also a quarterly revenue record for Apple Retail powered by phenomenal growth in our online store. Amid the most challenging global environment in which we’ve ever operated our business, we’re proud to say that Apple grew during the quarter,” said the CEO.
Apple also said that its newly launched products, iPad Pro, MacBook Air, and iPhone SE have all received outstanding customer response, even during these extreme circumstances.
- 29 billion iPhone revenue, down 7% YoY as both iPhone supply and demand were affected by the impact of COVID-19 at some point during the quarter.
- Mac revenue was $5.4 billion compared to $5.5 billion a year ago
- iPad revenue was $4.4 billion down from $4.9 billion a year ago
- Products revenue was $45 billion, down 3%
- $13.3 billion in revenue in Services sector, an increase of 15.65% from last year with strong performance across the board with all-time revenue records in the App Store, Apple Music, Video, cloud services, and App Store search ad business.
- Over 515 million paid subscriptions across Services portfolio, up 125 million from a year ago. On a sequential basis, paid subscriptions grew by over 35 million. It expected to reach 600 million paid subscriptions before the end of calendar 2020.
- Wearables, Home and Accessories established a new March quarter record with revenue of $6.3 billion, up 23% year-over-year with strong double digit performance across all five geographic segments.
Apple did not issue guidance for the coming quarter given the lack of visibility and certainty in the near term due to coronavirus epidemic. Apple expects revenue to be negatively impacted by more than $1.5 billion on a year-over-year basis. On iPhone and Wearables, Apple expects a year-over-year revenue performance to worsen in the June quarter relative to the March quarter; on iPad and Mac, it expects the year-over-year revenue performance to improve in the June quarter.