Following its earnings report for Q2 2020 today, Cupertino tech giant Apple Inc has taken massive sequential hit all across the board.
At the close of trading today, Cupertino tech giant Apple Inc (NASDAQ:AAPL) reported its financial earnings for the second quarter of the fiscal year 2020. The company reported $58 billion in revenue and $2.55 in earnings per share. At the end of its first quarter of the current fiscal year, Apple had stated that in the current quarter it expected to earn revenue in between $63 billion and $67 billion, with operating expenses lying in between $9.6 billion and $9.7 billion. However the company admitted in mid-February that it did not expect to meet this guidance, and looking at today’s results, it’s clear that Apple was right.
Heading into today’s earnings, Wall Street analysts had expected Apple to pull in at least $54.6 billion in revenue and $2.26 in earnings per share. Taking a look at the results, it’s clear that Apple has BEATEN these estimates by a mile. Reflecting the overall pessimistic mood in the market, we witnessed zero upward analyst revisions prior to today’s results, with the bulk of them choosing to revise their estimates downwards.
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Apple’s earnings of $58 billion at the end of the March quarter reflect a drop of 36% over the company first quarter of the fiscal year 2020 and a growth of 1% over its first quarter of the fiscal year 2019.
