Despite global slowdowns and other hurdles, technology giant Apple reported a strong quarter today, with $59.7 billion in revenue and double digit growth in products and services. This is an 11% growth year-on-year, and exceeds analyst estimates. The company reported year-over-year revenue growth in every major product line the company offers.
Revenues from Apple’s iPhones stood at $26.42 billion, a 2% growth from the last quarter. Apple CEO Tim Cook said that the company had expected a slowdown in the quarter ended April this year, but a strong iPhone SE launch and growth in demand overall helped the company exceed expectations.
The company also reported $6.58 billion revenue from iPads and $7.08 billion from Macs. However, Cook did say that revenues from advertising and Apple Care (its customer support business) did suffer a slowdown due to retail shutdowns worldwide. Revenues from other products amounted to $6.45 billion.
Luca Maestri, chief financial officer of Apple, said the company grew in all geographic segments and posted June quarter records for them. He also said that covid-19 was most impactful during the first three weeks of April, but Apple saw good demand during May onwards.
It’s worth noting that this quarter is usually the slowest for Apple, as consumers usually wait for its new products, which are launched in the August-September period.
“In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation," said Cook.
Importantly, revenues from Apple’s Services business, which includes Apple Music, Apple TV+ and more, stood at $13.16 billion, a 14.85% year-over-year growth.