Apple reported an earnings beat after the bell Thursday, but it wasn’t enough to keep the bears at bay.
The company reported better-than-expected earnings per share of $2.55 on revenue of $58.3. billion.
"Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Apple CEO Tim Cook in the earnings release.
As always, iPhone sales were in focus with revenue of $28.96 billion taken in the March quarter.
But as always, the future was in full focus, and Apple was less than optimistic. Apple provided no fiscal guidance or the June quarter. Apple also said to expect worse results in iPhone and wearables, but better results in Mac and iPad.
Apple CEO Tim Cook used China as an example of how reopening may play out in the U.S.
"The lockdown started there toward the end of January, as you know. In February we saw a steep decline in demand. We closed our stores in February. As the lockdown completed in mid-February, towards the second half of February, we began to open stores," explained Apple CEO Tim Cook on the earnings call.