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Quarterly Report: Apple suffers drop in profits and slump in China

Last updated on October 30, 2020

Apple’s quarterly report is pulled down by the late launch of the new iPhone 12. But there were real negative factors.

Apple Store in Australia at the iPhone launch (Image: Daniel Pockett / Getty Images)

Apple’s earnings fell 7.4 percent to $ 12.7 billion (73 cents per share). The company announced on October 29, 2020 after close of trading on the stock exchange in New York known . The result exceeded the analysts’ expectations of 71 cents per share. Revenue increased 1 percent to $ 64.7 billion.

Sales in the Greater China (China and Taiwan) economic sector fell 28.6 percent to $ 7.9 billion. Apple shares fell over 4 percent in extended trading.

IPhone sales were $ 26.4 billion, down 20 percent from $ 33.4 billion in the same period last year. However, iPhone 12 launch has been postponed until October 13th, a few weeks later than usual, which means that opening weekend iPhone sales are not included in the results for the reporting period. “Outside the iPhone segment, the company grew by 25 percent year-on-year,” said CFO Luca Maestri of the Financial Times .

Source: golem.de