IPhones aren’t forever

30 April 2020 By Robert Cyran Follow @rob_cyran

The 7% fall in iPhone sales over the last quarter was predictable, but also self-limiting. It’s partly offset by selling more services, which are now over 20% of revenue. And unlike some goods during Covid-19, demand for Apple products will be deferred rather than destroyed.

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Apple, on April 30, reported revenue of $58.3 billion for the quarter ending March 28, an increase of 1% from the same period last year. The company earned $11.3 billion, or $2.55 per share, compared to $11.6 billion, or $2.46 per share a year ago.

Revenue from iPhone sales fell 7% to $29 billion. Services revenue rose 17% to $13.3 billion.

On Feb. 17, Apple rescinded guidance for the quarter ending March 30 because of slowing iPhone production and lower demand in China due to the Covid-19 pandemic.

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