Apple Reports 58.3bn Dollar Revenue Beating Analysts’ Expectations

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Technology giant Apple reported 58.3 billion dollars in revenue for its second fiscal quarter on Thursday, indicating a 1-per-cent increase in revenue compared with last year,  thus beating wide-spread analyst projections.

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“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.

Purchases of Apple services, including application purchases, iCloud storage, Apple TV and Apple Music subscriptions, rose from 11.5 to 13.3 billion dollars, versus the same period last year.

Meanwhile revenue from so-called wearables, including Apple Watch and AirPods rose from 5.1 to 6.3 billion dollars.

The iPhone remains the company’s cash cow at 29 billion dollars in sales revenue, a nearly 2.1-billion-dollar decrease from the 2019 second fiscal quarter.

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