Thursday, August 13, 2020
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Apple delivers blowout earnings, strong iPhone revenue despite COVID-19

Apple on Thursday (July 30) delivered blowout quarterly results, reporting year-on-year 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.

The report topped Wall Street expectations, with even some long-overshadowed categories like iPads and Macs getting fresh boosts. Shares rose 5% in extended trading after the results.

The results, which included iPhone sales some $4 billion above of analyst expectations, came on the same day that U.S. gross domestic product collapsed at a 32.9% annualized rate last quarter, the nation’s worst economic performance since the Great Depression.

Other major tech companies Amazon.com and Facebook also posted results that topped Wall Street targets, sending their shares up.

(Production: Aleksandra Michalska)

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