While COVID-19 certainly overshadowed Apple’s most recent financial quarter, the company actually saw an annual increase in revenue, with the growth primarily coming from services and wearables.
Looking ahead, the company predicts that Mac and iPad sales will be strong. And CEO Tim Cook remains confidant about Apple’s future.
1. Total revenue was better than expected
Apple warned in February that the coronavirus would seriously impact supply and demand for its products this quarter. And then it turned around announced in a year-over-year growth in revenue on Thursday.
Specifically, it took in $58.3 billion during the January-through-March period, an increase of under 1%, but still growth.
In a conference call with investors after the announcement, Cook pointed out that the company was headed for a very strong quarter until COVID-19 struck. It experienced weak sales in China first because the virus started there. But these were initially offset by strong sales in the U.S. and Europe where store closures and shelter-in-place orders didn’t begin until the final weeks of March.
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