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

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[CALIFORNIA] 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. Read more at The Business Times.

Other major tech companies Amazon.com Inc and Facebook Inc 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," Mr Cook told Reuters. "China remains a key ingredient in Apple's recipe for success as we estimate roughly 20 per cent 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 per cent to US$13.16 billion, compared with and analyst expectations of US$13.18 billion. Mr Cook told Reuters that Apple has 550 million paying subscribers on its platform, up from 515 in the previous quarter.

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