Apple Posts Record Services Revenue, Beats Lowered Wall Street Expectations
For the quarter ended March 28, 2020, the company reported revenue of $58.3 billion, up 1% from the year-ago quarter, and earnings per share of $2.55, up 4%. Wall Street’s already-lowered expectations pegged Apple revenue of $54.54 billion and earnings per share of $2.26 for the period.
Sales of iPhone in the period fell 6.7%, to $28.96 billion. Revenue in Greater China also fell 6.7%, to $9.46 billion, while in the Americas were $25.47 billion, flat versus the prior year. “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,” Apple CEO Tim Cook said in announcing the results.
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