Apple reports slight revenue growth in Q2 2020, iPhone revenues decline

Apple reported $29 billion in iPhone revenues in its earnings announcement yesterday. The company’s revenues from iPhone dropped by 7% year on year, thanks to impact on supply and demand due to the covid-19 pandemic.

“On the supply side, we suffered from some temporary supply shortages during February, but we’ve been extremely pleased with the resilience and adaptability of our global supply chain as well as its ability to get people back to work safely when circumstances allow,” said Luca Maestri, senior vice president and chief financial officer of Apple.

The company’s overall revenues did grow in this quarter though, if only slightly.