Tech giant Apple saw sales climb in the first three months of the year despite the impact of coronavirus around the world. A large part of the success was down to its streaming services.
Sales climbed to £46.2bn, up from £46.1bn in the same period in 2019.
Despite the coronavirus lockdown hurting iPhone supply due to Chinese factories closing, and a drop in demand for devices across the globe, Apple told investors that the outlook was bright for the company – despite a sharp fall in iPhone sales.
Apple said iPhone sales for the quarter fell 7.2% to £23bn, compared to £24.7bn in the previous year.
However, Apple’s range of wearables and accessories division saw sales rise 22.5% to £5bn. Apple Music and Apple TV subscriptions surged 16.6% to £10.6bn when compared to the same period in 2019.
In total, net income for the six months ending 28 March 2020 rose 6.2% to £26.7bn, up from £20.6bn in the same period in 2019.
“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,” said Tim Cook, Apple’s CEO.
“In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we’ve sent to medical professionals around the world, to the millions we’ve donated to organizations like Global Citizen and America’s Food Fund.”
Luca Maestri, Apple’s CFO said: “We are proud of our Apple teams around the world and how resilient our business and financial performance has been during these challenging times.
“We are confident in our future and continue to make significant investments in all areas of our business to enrich our customers’ lives and support our long-term plans — including our five-year commitment to contribute $350 billion to the United States economy.”