Apple’s first earnings report since COVID-19 crisis set for April 30
Circle April 30, 2020 on your calendar.
Photo: Ste Smith/Cult of Mac
Investors won’t get their first glimpse at just how badly the COVID-19 pandemic has hurt Apple’s business until the very end of April.
April revealed this afternoon that it will host a conference call with investors on Thursday, April 30 at 2PM PT. The company revealed in February that it expects revenues to come in lower than its guidance due the coronavirus outbreak that shut down Apple’s stores and production pipeline during the quarter.
Guidance for Apple’s second fiscal report of 2020 was set between $63.0 billion and $67.0 billion. The company is coming off a historical holiday earnings report that saw it bring in a record $91.8 billion in revenue.
Apple’s rough Q2
We don’t how bad Apple’s Q2 2020 numbers will be but it was mostly only China sales that were impacted during the period. The most interesting numbers investors will be looking for will be Apple’s guidance for Q3 2020 which is occurring right now as most of the company’s stores outside of mainland China are closed.
“Work is starting to resume around [China], but we are experiencing a slower return to normal conditions than we had anticipated,” Apple said in a statement to investors. “As a result, we do not expect to meet the revenue guidance we provided for the March quarter due to two main factors.”
Apple hasn’t made any official comments on how badly the COVID-19 pandemic has affected business in the US. The company’s online retail store has still been open with plenty of stock on items, including the AirPods Pro which finally is available to ship within a week. Unemployment is at its highest levels since the Great Depression though so it’s not like people are trying to rush out to buy new iPhones and iPads.