Apple Retail Business Sets Record on Strong Online Sales, as COVID-19 Closes Stores
Apple's retail business had a record quarter, despite closed stores, said CEO Tim Cook on a fiscal Q2 call Thursday. He credited “phenomenal growth” in online sales. Revenue for the quarter ended March 28 grew 1% to $58.3 billion, “despite…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
the extreme circumstances from the impact of COVID-19,” Cook said. Product revenue was $45 billion, and services revenue grew 17% year on year to a high of $13.3 billion, said Chief Financial Officer Luca Maestri. IPhone sales were $28.9 billion vs. $31 billion, said the company. Sales of wearables, home products and accessories grew to $6.3 billion from $5.1 billion. Asked whether strong sales of the new $399 iPhone SE (see 2004150049) could indicate a trend to lower priced iPhones amid economic uncertainty, Cook said he hasn’t seen that. “It appears that those customers are primarily coming from wanting a smaller form factor,” or switching from Android devices, he said.