Apple is holding steady despite the coronavirus pandemic [CNNMoney.com]
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Source: CNNMoney.com
Apple is holding steady despite the coronavirus pandemic San Francisco (CNN Business) Apple warned earlier this year that it would experience a slump in iPhone sales as the coronavirus upends its supply chain and its biggest markets. But so far the impact appears muted. The tech giant said Thursday that its revenue reached $58.3 billion in the quarter ended in March, a 1% increase from a year earlier. That beat analyst estimates, but fell far short of Apple's pre-coronavirus guidance of between $63 and $67 billion. "Despite COVID-19's unprecedented global impact, we're proud to report that Apple grew for the quarter," CEO Tim Cook said in a statement. The jump was driven by an all-time record for revenues from Apple's services such as Apple Music, Apple TV+ and iCloud, Cook said. Sales from that business line rose nearly 17% from a year earlier to $13.3 billion. Apple also said it set a new quarterly record for sales of its wearable devices. Apple stock initially jumped 2% in a
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