Apple delivers blowout earnings, strong iPhone revenue despite Covid-19

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NEW YORK (REUTERS) - Apple on Thursday (July 30) delivered blowout quarterly results, reporting year-on-year revenue gains across every category and in every geography as consumers working and learning from home during the Covid-19 pandemic turned to its products and services.. Read more at straitstimes.com.

NEW YORK - Apple on Thursday delivered blowout quarterly results, reporting year-on-year revenue gains across every category and in every geography as consumers working and learning from home during the Covid-19 pandemic turned to its products and services.

Other major tech companies Amazon.com and Facebook also posted results that topped Wall Street targets, sending their shares up. "I think the economic stimulus that was in place - and I'm not just focused on the US, but more broadly - was a help," Cook told Reuters. The company also saw strong sales in its greater China region, where aggressive pricing during a June holiday shopping season and lower-priced iPhone SE model released in April helped boost sales 2 per cent to US$9.33 billion from US$9.16 billion a year earlier.Apple's fiscal third-quarter revenue and profits were US$59.69 billion and US$2.58 per share, compared with analyst expectations of US$52.25 billion and US$2.04 per share, according to IBES data from Refinitiv.

Apple is likely to delay the release of some models until November due to supply chain disruptions from the coronavirus, according to a senior official at a major iPhone supplier with direct knowledge of the matter.

 

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