The devices from Apple are also in great demand in times of Corona. The company has not only been able to maintain its profits, but also to increase them. In the last quarter, profits rose to an impressive 11.25 billion US dollars. Considering that Apple stores are closed, this is quite impressive.
Profits despite store closures
Like Amazon, Apple did not have to cope with economic downturns despite Corona. In fact, Amazon and also Apple’s profits increased. While this is not surprising at Amazon, it is a little unexpected at Apple. After all, the Californian company had to close its popular stores. Despite these consequences, Apple was able to record 11 percent higher profits in its quarterly sales. As the company announced on July 30, 2020, it had a turnover of almost 60 billion US dollars.
Analysts did not expect it
Even stock market specialists did not expect this economic development. So the success of Apple shares also increased. As a result, the Tech Group would like to make its shares available to a broader base of investors. Even outside the stock exchange, the prices of the shares rose. Here the company recorded an increase of 5 percent. Overall, Apple has been able to record an increase in its share price of an impressive 31 percent since the beginning of the year. At the same time, the market value of the company has increased by over 350 billion US dollars.
Large successes in China
Apple was not only able to record economic success in Europe and the USA. According to CEO Tim Cook, this was primarily due to sales in May and June. Certainly, this also had to do with the release of the affordable iPhone SE. After all, the iPhone, which was launched for 399 US dollars, sold very well. But not only the iPhones sold well. Sales of AirPods, Apple Watch and general App Store services also increased. These include above all the streaming services iTunes and Apple Music. Within these services, the number of subscribers rose from 515 million to 550 million. These higher economic revenues are mainly due to the success in China.