Tech - News - Startups
Updated: May 01, 2020

Amid COVID-19, Apple Generates 58.3bn Dollar Revenue

By Joan Oyemolan
May 01, 2020
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Tim Cook, the Chief Executive Officer (CEO), of Technology giant, Apple, on Thursday, said the company has recorded a 58.3 billion dollars (1%) increase in revenue in its second-quarter (Q2) against the total revenue generation recorded by the previous year.

He said, "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".

Apple generated $13.3 billion from the purchase of services, including application purchases, iCloud storage, Apple TV, and Apple Music subscriptions while revenue from so-called wearables, including Apple Watch and AirPods, rose from 5.1 to 6.3 billion dollars.

The iPhone remains the company's cash cow at 29 billion dollars in sales revenue, a nearly 2.1-billion-dollar decrease from the 2019 second fiscal quarter.