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Apple delivers blowout earnings amid COVID-19, market shrugs off iPhone delays

  • 📰 Reuters
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Apple Inc on Thursday delivered blowout quarterly results, reporting 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.

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“I think the economic stimulus that was in place - and I’m not just focused on the U.S., but more broadly - was a help,” Cook told Reuters. “China remains a key ingredient in Apple’s recipe for success as we estimate roughly 20% of iPhone upgrades will be coming from this region over the coming year,” Daniel Ives of Wedbush Securities said in a note.

Sales in its services segment, which also includes offerings such as iCloud and Apple Music, rose 14.8% to $13.16 billion, compared with and analyst expectations of $13.18 billion. Cook told Reuters that Apple has 550 million paying subscribers on its platform, up from 515 in the previous quarter.

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