Apple Inc has reported quarterly revenue that grew 1 per cent, but didn't provide a forecast for the first time in more than a decade, sparking concern about performance later this year. The shares slipped 1.5 per cent in extended trading.
Chief Executive Officer Tim Cook said Apple experienced a "very depressed" period in late March and early April, in the depths of the Covid-19 pandemic, but saw a "pickup" in the second half of this month. The company also increased its share buyback plan by US$50 billion.
READ MORE:
• Apple's cheap iPhone: When it will arrive in NZ and what it will cost
• Coronavirus: Apple closes all stores outside China
• Coronavirus: Apple's 5G launch could be delayed
• Local Focus: Apple industry immune to virus so far
Fiscal second-quarter sales came in at $58.3 billion, compared with $58 billion a year earlier. That beat Wall Street estimates, according to data compiled by Bloomberg. IPhone revenue was $28.96 billion, down 7 per cent, but also topping analysts' expectations. Services sales jumped 17 per cent to $13.35 billion, while the wearables and accessories business climbed 23 per cent to $6.28 billion.
"The last part of March and the first part of April were very depressed and then we've seen a pickup relative to that period of time in the second half of April," Cook said in an interview. "I would attribute that partially to the new products that we were able to launch at end of March and early April, the economic stimulus and probably some level of people getting a bit more used to that this is going to last a little while."