Apple's second-quarter financial report for 2020 shows its product sales are down

Apple has released a financial report for 2Q2020, which shows that some aspects of its worldwide business had a good 3 months. However, sales of its hardware have suffered compared to the same quarter of 2019. Unsurprisingly, the Cupertino giant has attributed this decline to the Covid-19 global crisis.

This company's revenues (shown as "net sales" in this document) were US$58.3 billion, as opposed to $58.02 billion in 2Q2019. However, those of its 'products' arm slumped to US$44.9 billion, whereas they were US$46.6 billion for the same 3 months of last year. This was realized through year-on-year decreases in the takings from the sale of iPads, Macs and iPhones worldwide, albeit not those from other devices such as the Apple Watch or HomePod.

However, it seems Apple is right to have concentrated much more on its services as of late: this category exhibited an increase from $11.5 billion in terms of sales in 2Q2019 to $13.3 billion in 2Q2020. In regional terms, the company's greatest year-on-year loss was seen in the Chinese market. It lost nearly $1 billion in revenue from that country's division compared to 2Q2019, whereas it made relatively modest gains in Europe and Asia-Pacific.