Apple reports flat revenue and does not offer guidance because of coronavirus uncertainty.
Analysts surveyed by Refinitiv had expected $2.26 in adjusted earnings per share on $54.54 billion in revenue for the fiscal second quarter, with a 38.4% gross margin. With respect to fiscal third-quarter guidance, analysts polled by Refinitiv were looking for $51.54 billion in revenue and a gross margin of 38.5%. However, the impact of Covid-19 on economic activity has made it more difficult for analysts to accurately predict companies' results.
Apple will also continue to buy back its stock amid the pandemic, the company said. It has authorized an increase of $50 billion in the company's share repurchase program, in addition to a dividend of $0.82 per share. In Apple's fiscal 2019, it"We have great confidence in the long-term of our business.
Cook said that the company's TV subscription service, Apple TV+, was doing well as more people watched content while under lockdown, and that people were turning to iPad and Mac, the company's larger computers, in increasing numbers. Apple had addressed the impact of the Covid-19 pandemic while it was still mainly affecting China, but on Thursday Cook struck an optimistic note about worldwide recovery in his interview with CNBC. "There was a significant, very steep fall-off in February. That began to recover some in March, and we've seen further recovery in April. So, it leaves us room for optimism," Cook said.
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