Apple posts record services revenue of $13.3 Billion

Apple has managed to sustain its growth. The company announced financial results for its fiscal 2020 second quarter ended March 28, 2020. The Company posted quarterly revenue of $58.3 billion, an increase of 1 percent year over year, and quarterly earnings per diluted share of $2.55, up 4 percent. International sales accounted for 62 percent of the quarter’s revenue. More importantly, Apple's collective services revenue for the quarter was a record $13.3 Billion.

“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,” said Apple CEO Tim Cook. “In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we’ve sent to medical professionals around the world, to the millions we’ve donated to organizations like Global Citizen and America’s Food Fund.”

Apple recently launched an all-new iPhone SE, which is a smaller iPhone 8-like handset that retains a smaller screen and touch ID functionality but with an updated camera and Apple's latest A13 Bionic processor, which future proofs the device to a certain degree. Apple is also expected to reveal new MacBook Pros featuring a 14-inch display but with the same form-factor as the 13-inch MacBook Pro. The much heralded keyboard mechanism introduced in its 16-inch MacBook Pros and MacBook Air products will also be one of the highlight updates of the new MacBook Pros. 

No word on any product delays or adjustments was given although the current global pandemic is expected to clog up Apple's release schedule or at least limit the volume of units for their upcoming iPhones and other devices. “Our active installed base of devices reached an all-time high in all of our geographic segments and all major product categories. We also generated operating cash flow of $13.3 billion during the quarter, up $2.2 billion over a year ago. We are confident in our future and continue to make significant investments in all areas of our business to enrich our customers’ lives and support our long-term plans — including our five-year commitment to contribute $350 billion to the United States economy,” Apple CFO Luca Maestri said during the earnings call.