Internet Services Deliver for Apple
Internet services (music, apps, etc) were up for Apple, compensating for the losses on sales of hardware. You can say it another way: during the global hibernation, services saved Apple as even though stores were closed for sales of new hardware, the company was making money from the internet services.
Apple will boldly pour $50 billion into a share buyback program and also up its shareholder dividend. The company divulged the move, which runs contrary to a Corporate America mired in coronavirus-related revenue slumps, in revealing it took in $58.3 billion for the first quarter, a 1% increase from last year. The bright spots — internet services, wearables and AirPods — compensated for wilting sales in China, Taiwan and Hong Kong. With its 450 stores closed for the foreseeable future due to the pandemic, Apple declined to predict future revenue, portending “a rougher path ahead.”