Apple Registers Growth in Q3 2020, Confirms iPhone Will Be Delayed
The new iPhone will not be launched in September, the company has confirmed.
The Cupertino giant registered a $59 billion in revenue and double-digit growth in its products and services across various categories. This translates to the overall growth of 11 percent for the company.
The company also said that the new iPhone will be launched “a few weeks later” than its usual September launch this year.
Shares of Apple were up about 6 percent after the announcement catapulting it to a record-high stock price of $400 for the first time.
- Overall revenue up by 11 percent with earning per share (EPS) up by 18 percent.
- Revenue from iPhone recorded $26.42 billion. Rise by 2 percent compared to Q1.
- Company reported 15 percent growth in services. Revenue stood at $13.1 billion.
Apple saw widespread closures of its physical retail outlets across the world due to the novel coronavirus pandemic. However, the company was able to weather this malady thanks to record sales of its latest $400 iPhone SE 2020.
“In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation.”Tim Cook, CEO, Apple
Wearable segment sales decelerated as per predictions but still managed to hold record sales for a non-holiday quarter.
As far as year-on-year results are concerned, iPhone sales rose 1.66 percent while other product categories saw huge growth. iPad sales were up over 31 percent and other products categories which includes the Apple AirPods and the Apple Watch, grew 16.74 percent from the same quarter last year.
Analysts and tech experts were looking for cues during the earnings call about Apple’s upcoming iPhone and the company didn’t disappoint.
Apple’s senior vice president Luca Maestri said that “This year the supply of the new product will be a few weeks later than that (September)”. This means that iPhone, iPad and Apple Watch fans will have to wait a bit longer to get their hands on the new 2020 lineup.
The company did not reveal the details about the delay. However, rumours suggest that delays in mass production could be due to COVID-19.
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