Apple’s Q2 2020 revenue shows stagnant growth and declining iPhone sales

Today, Apple announced its earnings for the quarter that ended on March 28. Obviously, things are a little different these days for all companies, thanks to the COVID-19 coronavirus pandemic. Revenue growth for the Cupertino firm was nearly flat, showing 1% overall growth. There was a total of $58.313 billion, compared to $58.015B in the same quarter a year ago.

Most of the hardware divisions showed a decline in revenue, which isn’t great news for a hardware company, but it’s also not entirely surprising. As usual, iPhone accounted for the bulk in revenue with $28.962B, down from $31.051B. Mac is down to $5.351B from 5.513B, and iPad is down to 4.368B from 4.872B.

The real increases came from services, and the wearables, home, and accessories business. Services showed 16.5% growth with $13.348B in revenue, compared to $11.45B last year. Wearables, home, and accessories is up to $6.284B from $5.129B, a 22.5% increase YoY.

In total, iPhone accounted for nearly half of all of Apple’s revenue. It’s no surprise, since iPhone has long been the firm’s cash cow. Services continues to grow though, and that’s something that Apple continues to expand on with things like Apple TV+, Apple Music, Apple News+, Apple Card, and more. In fact, services is now larger than any other two businesses (besides iPhone) combined.