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.

iphone trade in store
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.

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Top Rated Comments

Dwalls90 Avatar
55 months 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)
Blackstick Avatar
55 months 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)
Mr. Dee Avatar
55 months 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)
H.E. Pennypacker Avatar
55 months 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)
Kierkegaarden Avatar
55 months 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)
Mr. Dee Avatar
55 months 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)