Apple weathers pandemic, revenue flat but Services at all-time high

Net income was $11.2 billion and earnings per share with $2.55, up 4 per cent. Operating cash flow was strong at $13.3 billion -- an improvement of $2.2 billion over a year ago.

Apple weathers pandemic, revenue flat but Services at all-time high

Cupertino: Despite COVID-19's unprecedented global impact on supply issues, Apple posted quarterly revenue of $58.3 billion for its fiscal 2020 second quarter, slight increase of 1 per cent from the year-ago quarter as Services revenue reached an all-time high of $13.3 billion amid quarterly record for Apple Wearables.

Net income was $11.2 billion and earnings per share with $2.55, up 4 per cent. Operating cash flow was strong at $13.3 billion -- an improvement of $2.2 billion over a year ago.

International sales accounted for 62 per cent of the quarter`s revenue.

"In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive," Apple CEO Tim Cook said in a statement late Thursday.

The iPhone revenue was $28.96 billion while Mac revenue was $5.35 billion.

Apple iPad revenue was $4.36 billion while Wearables, Home, and Accessories revenue hit $10.01 billion.

Apple posted an all-time revenue records in the App Store, Apple Music, Video, cloud services, its App Store search ad business, AppleCare, Apple TV Plus, Apple Arcade, Apple News Plus and Apple Card.

"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," Cook noted.

Apple said it will also continue to buy back its stock amid the pandemic.

Luca Maestri, Apple`s CFO, said the active installed base of devices reached an all-time high in all of their geographic segments and major product categories.

"We also generated operating cash flow of $13.3 billion during the quarter, up $2.2 billion over a year ago. We are confident in our future and continue to make significant investments in all areas of our business to enrich our customers` lives and support our long-term plans ? including our five-year commitment to contribute $350 billion to the United States economy," informed Maestri.

The tech giant, however, did not issue guidance for the quarter ending in June. The company withdrew guidance for its second-quarter in February itself owing to COVID-19 pandemic that has wreaked havoc on global supply chain.