A closed Apple Store in Washington, DC, on April 29, 2020, ahead of their expected first quarter earnings report after market close on April 30. SAUL LOEB / AFP
Apple on Thursday reported revenue slipped in the first three months of this year as revenue inched higher despite the pandemic’s hit.
Apple said it made a profit of $11.2 billion on sales of $58.3 billion in the quarter, compared to net income of $11.7 billion on revenue of $58 billion in the same period a year earlier.
“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,” chief executive Tim Cook said in an earnings release.
Apple shares were down nearly two percent in after-hours trades that followed release of the earnings figures.
Revenue from iPhones — the big earnings segment for Apple in recent years — dropped some seven percent from a year earlier to $29 billion in a period where smartphone sales have been sagging.
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