Falling iPhone sales bring Apple's Q2 revenue billions below its initial expectations – but its bets on wearables and services are paying off
Apple reported revenue of $58.3 billion for its fiscal second quarter, falling below its initial Q2 guidance but surpassing Wall Street's muted expectations.
Apple reported fiscal second-quarter revenue of $58.3 billion, flat from the same period one year ago, and well below the company's initial projection of between $63 billion and $67 billion. Apple rescinded that forecast in February as the severity of the coronavirus outbreak became clear. Apple's iPhone revenue declined to $29 billion compared to $31.1 billion in the year-ago quarter, a dip that was likely expected since Apple lowered its revenue guidance citing weak demand. The slowdown comes just after the iPhone rebounded from several quarters of declines with higher-than-expected holiday sales thanks to positive reception of the iPhone 11 and iPhone 11 Pro.
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