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Apple Profits Slips But Revenue Grows Slightly Amid Pandemic

A closed Apple Retailer in Washington, DC, on April 29, 2020, forward of their anticipated first-quarter earnings report after market shut on April 30.
SAUL LOEB / AFP

 

Apple on Thursday reported income slipped within the first three months of this yr as income inched larger regardless of the pandemic’s hit.

Apple mentioned it made a revenue of $11.2 billion on gross sales of $58.three billion within the quarter, in comparison with web earnings of $11.7 billion on income of $58 billion in the identical interval a yr 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 government Tim Prepare dinner mentioned in an earnings launch.

Apple shares had been down practically two % in after-hours trades that adopted launch of the earnings figures.

Income from iPhones — the massive earnings section for Apple in recent times — dropped some seven % from a yr earlier to $29 billion in a interval the place smartphone gross sales have been sagging.

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