Apple 2020 Q2: All-Time Services and Quarterly Wearables Record Despite COVID-19

Apple has announced its fiscal 2020 second quarter, for the period that ended on March 28, 2020, which revealed how much the coronavirus pandemic affected the company’s sales and revenues.

Revenue in Q2 was at $58.3 billion USD, up 1% compared to the year-ago quarter, while quarterly diluted earnings per share (EPS) were at $2.55, up 4% compared to the year-ago quarter.

“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,” said Tim Cook, Apple’s CEO. “In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. 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.”

Apple says 62% of Q2 revenue came from international sales, while net income for the quarter was at $11.2 billion, see a $312 million decline year-over-year.

“We are proud of our Apple teams around the world and how resilient our business and financial performance has been during these challenging times,” said Luca Maestri, Apple’s CFO. “Our active installed base of devices reached an all-time high in all of our geographic segments and all 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.”

Apple no longer provides unit sales for its devices, only net sales by category. iPhone, Mac and iPad revenues were down compared to the year-ago quarter, due to COVID-19. Here’s a breakdown:

  • iPhone sales revenue: $28.9 billion USD
  • Mac revenue: $5.3 billion USD
  • iPad revenue: $4.3 billion USD
  • Wearables, Home and Accessories revenue: $6.2 billion USD
  • Services revenue: $13.3 billion USD

…more to follow, refresh for updates