Apple has released its fiscal year 2019 second quarter update. As compared to the same quarter last year, revenue for the quarter was $58 billion, a 5% decrease. The company’s adjusted earnings per share (EPS) is $2.46.
The business has been hurt by a drop in iPhone revenues in recent years, which has been exacerbated by the trade war with China, which is the iPhone’s and Apple products’ largest market.
This year, the company sold $31 billion worth of iPhones, accounting for 53.5 percent of the company’s overall sales through March. iPhone sales accounted for 61.7 percent of the company’s overall revenue in December.
Investors, on the other hand, are positive about Apple’s resurgence. This is due to the fact that the business has two rapidly expanding product lines: wearables and online services. Similarly, the company’s revenue has become less reliant on iPhone revenues as a source of revenue due to the diminishing share of iPhone revenue. It has shifted its emphasis to selling other hardware and software to its large customer base. The company’s services revenue for the quarter was estimated to be $11.5 billion, an all-time high.
Apple’s stock price rose 4.91 percent on Wednesday, closing at $210.52.