Apple today has officially reported its fiscal Q2 2020 earnings amid the COVID-19 pandemic. We already knew that Apple wouldn’t hit the guidance it originally provided for the quarter, and today’s release provides the official numbers.
How did the COVID-19 outbreak affect Apple’s business during Q2 2020? The company has announced revenue of $58.3 billion and profit of $11.25 billion. This compares to $58 billion in revenue and $11.56 billion profit reported in the same quarter last year.
Apple had already forecast a wider-than-usual revenue range for Q2 due to COVID-19 uncertainty, predicting revenue between $63 billion and $67 billion. In February, however, Apple announced that it would not hit its Q2 earnings range due to the pandemic and the associated supply constraints and economic slowdowns.
Apple CEO Tim Cook had the following to say about Apple’s Q2 2020 performance:
And CFO Luca Maestri added:
Notably, as some analysts expected, Apple did not provide any guidance for Q3 2020. We expect to learn more about this reasoning in the earnings call with investors and analysts.
AAPL earnings by product
As has become customary, Apple does not report unit sales for any of its hardware products. Instead, it reports a breakdown of revenue by product category. Here are those numbers for fiscal Q2 2020:
- $28.96 billion: iPhone
- $13.35 billion: Services
- $5.35 billion: Mac
- $6.28 billion: Wearables, Home, and Accessories
- $4.37 billion: iPad
Apple touts that the $13.3 billion in revenue for its Services business is an all-time high, up from $11.45 billion in the same quarter last year.
AAPL stock is down following the earnings release:
Apple has also announced that it is increasing its dividend and expanding its share repurchase program by $50 billion:
Read the full report on Apple Newsroom and check out some detailed charts over at SixColors.
