Cupertino tech giant Apple has announced its earnings results for 2019’s second quarter with a decrease in revenues. Take a look for more!
Apple Inc (NASDAQ:AAPL) has just announced its earnings and revenues for the second quarter of the fiscal year 2019. The company’s been seeing ‘tough’ times lately, as the company has struggled to justify its high prices and brand image to customers in China and India. Its iPhone upgrade cycles have slowed down, and despite the launch of the iPhone XR last year,Apple has been unsuccessful to reduce the duration of this cycle. As a result, the company is now focusing on services and is upgrading its product portfolio across the line. These changes are starting to bear fruit, as CEO Tim Cook was eager to emphasize in his earnings call to investors earlier today.
For the second quarter of 2019,Apple Inc (NASDAQ:AAPL) reports a Revenue of $58 Billion, which is down by 5% Year-over-Year, and down by 31% Quarter-over-Quarter. However, the company’s Services segment shows healthy growth and has reached its highest point in history this quarter. Apple reports $11.5 Billion services revenue this March, which is up from Q1 2019’s $10.8 Billion and Q2 2018’s $9.8 Billion. Services account for 20% of Apple’s Q2 2019 Revenue, and the company expects subscriptions to cross 500 million by 2020.
However, the iPhone isn’t doing well, despite Apple’s introduction of top-of-the-shelf technologies such as a 7nm processor. The company has reported a $31 Billion in Revenues from the iPhone this quarter. This is down from $38 Billion that Apple earned from the iPhone in last year’s second quarter, and the $52 Billion that it earned in the previous quarter.
Apple (NASDAQ:AAPL) also claims that YoY performance for the iPhone improved in the last six weeks of this quarter.
