Apple's Earnings Report Today to Reveal COVID-19's Impact on iPhone Sales

Apple will report its financial results for the second quarter of its 2020 fiscal year at 1:30 p.m. Pacific Time today, providing a first look at how the company's sales have been affected by the global health crisis.


On February 17, Apple announced that it no longer expected to meet its March quarter revenue guidance due to COVID-19's impact on the iPhone supply chain and demand for its products in China. The virus has since become a global pandemic, with all Apple Stores outside of China and Korea remaining closed.

Apple's letter to shareholders at the time:

Our quarterly guidance issued on January 28, 2020 reflected the best information available at the time as well as our best estimates about the pace of return to work following the end of the extended Chinese New Year holiday on February 10. Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated. As a result, we do not expect to meet the revenue guidance we provided for the March quarter…

Apple had forecasted revenue between $63 billion and $67 billion for the quarter, which ran December 29 through March 28. On average, analysts now expect that figure to be approximately $54.5 billion, down six percent from $58 billion in the year-ago quarter.

The second quarter encompassed the launch of new iPad Pro and MacBook Air models, which became available to order on March 18.

Apple CEO Tim Cook and Apple CFO Luca Maestri will review the financial results on a conference call at 2:00 p.m. Pacific Time, with a live stream on Apple's website. MacRumors will be providing detailed coverage of the remarks.

Top Rated Comments

(View all)
Avatar
10 weeks ago
Given the context of the global health pandemic, a 6% reduction from the prior year doesn't seem too bad.
Score: 4 Votes (Like | Disagree)
Avatar
10 weeks ago
Best move was to release the SE at that price point. There's massive economical uncertainty... I'm feeling fairly job secure, but we're ~7 weeks into this... it's hard to say how I'd feel if this goes on another 7 months.
Score: 4 Votes (Like | Disagree)
Avatar
10 weeks ago


So glad we have your expert advice on what the economy will look like in the coming months. I have an existing device and I plan on upgrading. An iPhone isn’t a want it’s a need for most people and you’ll see a large portion of people purchasing the 12 when it’s launched. Per orders will be sold out in hours.

So glad we have your expert advice since you know what everybody wants and needs.
Score: 2 Votes (Like | Disagree)
Avatar
10 weeks ago


Right now, it’s about the long term if you are invested Apple. If you are in it for the short term, expect your stomach to churn. The next quarters and coming year are gonna be rough. Even when we are in full recovery, the PTSD that comes out of this, people are gonna hang on to their money tighter due to fear of this happening again. Certainly those with existing devices will be keeping them a lot longer.

My plan all along was to start upgrading to newer Apple devices in 2023.

So glad we have your expert advice on what the economy will look like in the coming months. I have an existing device and I plan on upgrading. An iPhone isn’t a want it’s a need for most people and you’ll see a large portion of people purchasing the 12 when it’s launched. Per orders will be sold out in hours.
Score: 2 Votes (Like | Disagree)
Avatar
10 weeks ago
I’m no analyst, but I’m guessing 15-20% down. I would imagine future quarters will be rocky as well.

Whatever the case, I’m not worried — Apple is a solid company and they seem to be responding well to the crisis. Their r&d budget sounds like it will remain robust, so this may push them ahead of competition in future years.
Score: 2 Votes (Like | Disagree)
Avatar
10 weeks ago
Right now, it’s about the long term if you are invested Apple. If you are in it for the short term, expect your stomach to churn. The next quarters and coming year are gonna be rough. Even when we are in full recovery, the PTSD that comes out of this, people are gonna hang on to their money tighter due to fear of this happening again. Certainly those with existing devices will be keeping them a lot longer.

My plan all along was to start upgrading to newer Apple devices in 2023.
Score: 1 Votes (Like | Disagree)

Top Stories

Hands On With iPhone 12 Models Showing New Sizes and Design

Monday July 6, 2020 2:04 pm PDT by
Ahead of the launch of new iPhones we often see dummy models created based on leaked schematics and specifications, with those models designed to let case makers create cases for the new devices ahead of their release. We got our hands on a set of dummy models that represent the iPhone 12 lineup, giving us our first close look at the iPhone 4-style design and the different size options. Subscri ...

Everything New in iOS 14 Beta 2: New Calendar Icon, Files Widget and More

Tuesday July 7, 2020 11:38 am PDT by
Apple today released the second beta of iOS 14 to developers for testing purposes, tweaking and refining some of the features that are coming in the update. Below, we've rounded up all of the changes that we found in the second beta. - Calendar icon - There's a new Calendar app icon in iOS 14 beta 2, with the day of the week abbreviated rather than spelled out. - Clock icon - The clock...

iPhone 12 Sizes Compared with iPhone SE, 7, 8, SE 2, X, 11, 11 Pro and 11 Pro Max [Update]

Tuesday July 7, 2020 6:49 pm PDT by
Apple is planning on launching the iPhone 12 this fall which is rumored to be coming in 3 different sizes: 5.4", 6.1" and 6.7". The middle size (6.1") matches up with the currently shipping iPhone 11, but the other two sizes will be entirely new. Over the weekend, there was some excitement about how well the new 5.4" iPhone 12 compares to the original iPhone SE. Those who have been hoping...

Tom Hanks Discusses 'Heartbreaking' Shift of WWII Film Greyhound From Theatrical Blockbuster to Apple TV+ Exclusive

Monday July 6, 2020 7:53 am PDT by
Tom Hanks' WWII drama "Greyhound" is set to premiere on Apple TV+ this Friday, July 10, and ahead of that debut the actor gave an interview with The Guardian discussing the film. "Greyhound" was originally planned to see a theatrical release this summer, and was repeatedly delayed in the wake of the ongoing Covid-19 pandemic. Apple won the streaming rights to the film, and in the new...

Developer's Visual Comparison of macOS Catalina and Big Sur Offers Closer Look at Apple's UI Redesign for Macs

Tuesday July 7, 2020 4:00 am PDT by
macOS 11 Big Sur is the next major release of Apple's operating system for Mac, and following its preview at WWDC, one of the biggest discussions has revolved around the all-new user interface redesign. Developers are still learning what the impact the new UI will have on their apps, and with that in mind, app designer Andrew Denty has compiled an extensive visual comparison of the user...

5.4-Inch iPhone 12 Model Size Compared to Original iPhone SE and iPhone 7

Saturday July 4, 2020 9:44 pm PDT by
iPhone 12 dummy models based on leaked schematics have been starting to circulate online and in online marketplaces. Not happy with the circulating size comparisons between the rumored 5.4" iPhone 12 and the original iPhone SE models, MacRumors forum user iZac took matters into his own hands and purchased his own 5.4" dummy model to provide more detailed size comparisons between the original...

Shipping Estimates for 27-Inch iMac Continue to Slip, Now Into September

Monday July 6, 2020 6:55 am PDT by
Amid rumors and hints of a forthcoming update for the iMac, supplies of Apple's current 27-inch iMac continue to dwindle with mid- and high-end stock configurations now seeing shipping estimates pushed back into September. The 27-inch iMac has seen tight supplies and extended shipping estimates for months now, but the situation has been gradually worsening to the point where new buyers can...

Apple Cuts iPhone Trade-In Values as iPhone 12 Launch Nears

Tuesday July 7, 2020 7:46 am PDT by
With just two months to go until the usual timeframe for Apple's iPhone launch events, Apple is cutting back on maximum trade-in values of previous-generation iPhones for those looking to upgrade to a new model. Maximum values on more recent models have dropped by $30–$50, while older models have generally dropped by $5–$20 with a few models seeing no change in value.iPhone XS Max: $500 to...

Analyst Believes iPhone 12 Pricing Will Start $50 Higher Even Without EarPods or Charger in Box

Wednesday July 8, 2020 9:35 am PDT by
Despite multiple reports indicating that Apple will not include EarPods or a wall charger with iPhone 12 models this year, one analyst believes that pricing will still increase slightly compared to the iPhone 11 lineup. In a research note provided to MacRumors, analyst Jeff Pu forecasted that iPhone 12 pricing will start at $749 for a new 5.4-inch model, an increase of $50 over the base...

14-Inch MacBook Pro With Mini-LED Display Expected to Enter Production in 2021

Wednesday July 8, 2020 7:51 am PDT by
Apple suppliers will begin competing to win manufacturing orders for new 14-inch and 16-inch MacBook Pro models with Mini-LED displays in the first quarter of 2021, according to Taiwanese research firm TrendForce. Rumors of a 14-inch MacBook Pro have surfaced since Apple replaced the 15-inch MacBook Pro with a new 16-inch model last year. Apple analyst Ming-Chi Kuo has previously said that...