Apple Resilient During COVID-19 Crisis, Says Q2 Earnings Report

Cupertino seems to be weathering the storm fairly well, despite grim global economic outlook

The world economies have turned upside down thanks to the COVID-19 pandemic. The virus has caused severe disruptions to various sectors and industries. What exacerbated matters were the lockdowns. The stock market took a tumble as a result, and many businesses hemorrhaged money, but somehow, that didn’t include Apple.

During Cupertino’s earnings call for the financial results of its fiscal 2020 second quarter, the company said it posted a quarterly revenue of $58.3 billion, an increase of 1% from last year. Evidently, despite a tumultuous start to the year for most businesses, Apple seemed to have remained resilient.

International sales accounted for 62% of its total revenue, and as a whole, its Services and Wearables attributed to a huge chunk of the company’s profits. Apple also generated operating cash flow of $13.3 billion during the quarter, up $2.2 billion over a year ago. Unsurprisingly, it was the same story for the previous quarter, defying critics’ predictions.

Speaking of the result, Tim Cook, Apple’s CEO said, “Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter. In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive.”

That’s not all, Apple’s shareholders have a reason to be happy as well. It’s board of directors has also declared a cash dividend of $0.82 per share of the Company’s common stock, an increase of 6%. Cupertino also went on to say that it is confident with its market growth and will continue to make investments in all areas of its business.