Apple has announced its financial results for its fiscal Q2 2020, posting revenue of $58.3bn and profit for $11.25bn despite the dent to global sales from the effects of the coronavirus pandemic. The revenue represents a 1% growth from the previous year’s same quarter, though prior to the pandemic the company had estimated it would see $63-67bn for the period.
While the company doesn’t release specific sales figures for specific products, it commented that the quarter saw record revenue of $13.3bn for its Services, which is the umbrella for Apple Music, News+, TV+, Arcade, Card, and iCloud.
“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. In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive,” said Tim Cook, Apple’s CEO.
Apple’s breakdown of its total Q2 2020 revenue by product category is:
Wearables, Home and Accessories: $6.28bn
Any one of these on their own would represent an excellent business. Put them all together and you get the juggernaut of business that Apple is today. Even a global pandemic could not stop its growth this quarter.
In accordance with analyst expectations, Apple did not provide any guidance on its projections for its fiscal Q3. Given the global situation, the company is likely to advise investors when it has a clearer idea of accurate projections.