Apple Profits Slips But Revenue Grows Slightly Amid Pandemic

Apple on Thursday reported revenue slipped in the first three months of this year as revenue inched higher despite the pandemic’s hit.

Apple said it made a profit of $11.2 billion on sales of $58.3 billion in the quarter, compared to net income of $11.7 billion on revenue of $58 billion in the same period a year earlier.

“Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in services and a quarterly record for wearables,” chief executive Tim Cook said in an earnings release.

Apple shares were down nearly two percent in after-hours trades that followed release of the earnings figures.

Revenue from iPhones — the big earnings segment for Apple in recent years — dropped some seven percent from a year earlier to $29 billion in a period where smartphone sales have been sagging.

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