Big businesses are hit and rupturing drastically during the pandemic. The outbreak of novel coronavirus has suppressed the hope for future recovery for the economy. Every nation is facing a big dilemma as saving people’s lives and planning the post-pandemic survival strategy are equally important. All of a sudden everything in this world has hit a pause, yet some companies are still emerging successfully. While every big business companies are strategizing about how to save their business, Apple’s second-quarter earning shows positive results. It is quite impossible to believe that amongst the crisis, Apple still managed to keep its business on track. Although the sale of the iPhone declined, Apple’s revenue in the past quarter slightly increased.
Revenue Growth
Yesterday, Tim Cook, CEO of Apple, in a press release said that the company is proud to report the growth of revenue in the past quarter. It is a great achievement for the company given that the world is facing a current serious crisis. The quarterly revenue of the company that ended on 28th March turns out to be $58.3 billion. This shows an increase of 1% as compared to the quarterly revenue of the previous year. Earnings per diluted share are up by 4%. Analysts said that they expected the revenue to be around $53.8 billion and diluted earnings per share of $2.23. Tim also said that the company is glad that customers are choosing their products to stay connected during this pandemic. But, the sale of Apple’s products in the Great China region has decreased to $9.46 billion from $10.22 billion.
Though the sale of iPhone has plummeted in the quarter last year, Apple’s Wearables and accessories have pushed up the revenue slightly. The company confirmed that Apple Watch and AirPods have led to a growth of 22.4% than last year. The cash dividend per share witnessed an increase of 6% of the company’s common stock.
The market opened for Apple
Taking care of the medical guidelines regarding social distancing due to the pandemic, Apple has decided to open some stores. But, the decisions will have a different impact on different places as Apple will go through the condition of every city and every county. Tim Cook is planning to reopen the retail stores in Austria and Australia within the next couple of weeks. Tim also said that a few of the many retail stores in the U.S will also reopen in early May. The stores in the U.S are closed since mid-March. And, a few of them already opened maintaining the social distancing guidelines. But, the mainland of China and South Korea the exceptions to the reopening of retail stores. Cook has already said that the campus in Cupertino won’t be opening at least for the next month.
New Products
Apple is not only cherishing the revenue growth during this pandemic but also launching new products in the market. Since customers are buying more Apple Wearables and Home in this crisis, why should Apple stop from giving them something extra?
Some of the new products that have hit the market in recent weeks are MacBook Air, iPad Pro, and a $399 second-generation iPhone SE. The company is also planning to conduct an online version of its annual Worldwide Developers Conference next month. In this conference, the next upcoming features of Apple’s existing products will be revealed to the world. But, rumors have spread that there might be a little delay in shipping this year’s iPhone lineup due to the infected disease.
Joint Venture of Apple and Google
In response to fighting COVID-19, Apple and Google are planning to create a system that will be helpful for contact tracing. This tech will be available both for iOS and Android users. The companies have decided to build such a system as in many regions people are revolting against the lockdown. So, this might help in tracking new cases of coronavirus. It will allow the users to share data through Bluetooth Low Energy transmissions and from apps approved by health organizations.
The official apps approved by the public health authorities can access this data. This is very beneficial as the users can easily report and alert people if they are diagnosed with COVID-19. The system will also help the user known if he or she was near an infected person.
Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more