Apple Inc reported sales and profits that beat Wall Street expectations Thursday, with Chief Executive Officer Tim Cook saying China sales were 'headed in the right direction' as that country reopens from the novel coronavirus.
- Apple Inc reported sales and profits that beat Wall Street expectations Thursday, with Chief Executive Officer Tim Cook saying China sales were “headed in the right direction” as that country reopens from the novel coronavirus.
With its global brand, few American companies have been exposed to the spread of the coronavirus like Apple, whose iPhone sales declined in the March quarter as device sales were forced to online-only in many places. Sales of services such as streaming television content rose with billions of people locked in their homes.
Apple reported sales of $58.3 billion and earnings of $2.55 per share for its fiscal second quarter ended in March, above year-ago results of $58 billion and $2.46, and above analyst estimates of $54.5 billion and $2.27, according to IBES data from Refinitiv. Apple shares, which closed up over 2%, wavered after the results, dropping 1.7% after an earlier slight rise in extended trading.
In February, Apple warned investors that it was unlikely to meet its financial guidance for the March quarter and could face iPhone shortages as lockdown orders in China kept factories closed and forced Apple to shutter its stores there. The closures, along with lockdown orders in many major Apple markets such as the United States and Europe, have forced Apple and its biggest sales partners in the retail and mobile carrier industries to conduct most sales online or via curbside pickup, including of the newly launched iPhone SE 2.
“We’re clearly not immune to the macroeconomic environment - I’m not sure hardly anybody is immune at this point,” Cook told Reuters. “As compared to the last part of March and the beginning of April, we’ve seen a better second half of April.”Apple said iPhone sales were $29.0 billion, down from $30.9 billion the year before compared with analyst estimates of $28.4 billion, to data from FactSet.
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