Apple's 2020 iPhones will be Delayed

Apple's 2020 iPhones will be Delayed

Luca Maestri, Apple's Senior Vice President and Chief Financial Officer, confirmed the delay of the launch.

Apple reported net income of $11.25 billion on revenues of $59.7 billion in the quarter ending June 30; revenues surged 11 percent year-over-year despite a global pandemic and slower-than-expected iPhone sales. "This year, we project supply to be available a few weeks later", Mr Maestri said.

The comments are a rare public admission from Apple.

There were no breakout segments for the company, which instead saw sales increase year-on-year across the board. iPhones still account for the vast majority of sales, generating $26.4 billion in revenue for the quarter.

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Apple, which has regularly launched new models every September, is facing production delays due to supply chain disruptions amid the coronavirus outbreak, Bank of America analysts said earlier this year. Apple also announced a four-for-one stock split to take effect on 31 August 2020. It's an exceedingly rare move for the company, which generally refuses to even acknowledge its timeline for releasing new products, even the iPhone which refreshes annually.

Over recent months, pundits and analysts have gone back and forth on the question of when this autumn's new iPhone models will be launched. A $399 starting price point makes the iPhone SE an attractive new device, especially in the face of continued economic uncertainty in many markets. Similar to last quarter's performance, the App Store, Apple Music, Cloud Services, along with increased use of apps like iMessage, Siri, and FaceTime, helped contribute to the increase in revenue. And the less expensive second generation Apple iphone SE also assisted the organization.

"Generally speaking, I think we need to see a vaccine or a therapeutic or both, and, you know, there's some optimism around that", CEO Tim Cook said. "We're very happy with the number of people who have an Apple Card", Cook said, adding that he believes it's the fastest roll-out in the history of credit cards.

This is possible given that in 2017 the company announced the iPhone X in September but did not ship it until November.

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