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Apple’s Q2 earnings show flat year-over-year revenue growth due to pandemic

Apple gave a rough Q2 earnings report Thursday, besting investor hopes but depicting a significant growth slowdown as the coronavirus pandemic deep impacted the company’s business with year-over-year lessens in iPhone, iPad and Mac sales.

Apple’s broth was largely unchanged in after-hours trading.

The company shared that in Q2 it gave $58.30 billion in revenue, better than the $54.54 billion investors were expecting. The figure represents 1% year-over-year revenue growth for the company.

In February, the company issued updated information to its Q2 guidance, saying that it did not expect to meet its earlier estimations due to fallout driven by the COVID-1 9 pandemic. The firm did not update its previous guidance, which said they expected to earn between $63 billion to $ 67 billion in Q2. Apple notably did not offer guidance for Q3 in this release.

In periods of earnings per share, the company handed $2.55 compared to the $ 2.26 investors had expected. Apple too shared that they were increasing their share buyback program by $50 billion and would be hiking gains by 6 %.

Apple met year-over-year deteriorations in its iPhone, iPad and Mac categories, simply establishing gains in Services and its” Wearables, Home and Accessory” list. Hardware as a whole was down year-over-year. The company posted $28.96 billion in net iPhone auctions to report to $31.05 billion in Q2 2019.

After a very rough March, most big tech broths have been hooting back into growth in April. Apple is in a more difficult position than other ad-driven occupations given the world complexity of its equipment quantity chain.

“We are proud of our Apple units around the world and how pliable our the enterprises and monetary achievement has been during these challenging epoches, ” Apple CFO Luca Maestri said in a statement accompanying the release.

Read more: feedproxy.google.com

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