Apple's wearables division now size of Fortune 140 company

During his quarterly conference call, Apple chief financial officer Luca Maestri said that the iPhone manufacturer’s wearable clothing division continues to experience strong growth and is now the size of a Fortune 140 company.

Despite a difficult quarter during the global COVID-19 pandemic, Apple’s portable division continued to exceed expectations, said Maestri.

Portable devices – AirPods, Apple, Beats, Apple TV and HomePod – have grown to the size of a Fortune 140 company. In the first quarter of 2020 results, Apple called portable devices as a Fortune 150 company. in the second quarter, portable devices reported $ 6.3 billion compared to $ 5.1 billion in the same quarter of the previous year.

The growth of portable devices is due to new Apple customers. According to Maestri, 75% of Apple’s purchases during the quarter went to first-time buyers.

“Despite the unprecedented global impact of COVID-19, we are proud to announce that Apple advanced for the quarter, thanks to an all-time service record and quarterly notebook record,” said Tim Cook, Apple CEO.

The portable accessories category has now surpassed the Mac ($ 5.4 billion) as well as the iPad ($ 4.4 billion) in terms of revenue during the quarter.

Maestri sees a slight slowdown in portable devices and iPhone for the next quarter of June, a period traditionally mild for these two segments.

“On the iPhone and portable devices, we expect year-over-year revenue performance to deteriorate in the June quarter compared to the March quarter,” said Maestri. “On iPad and Mac, we expect year-over-year revenue performance improvements in the June quarter.”

During the conference call, Cook was asked if Apple plans to adapt its ECG technology to help detect or manage symptoms of coronaviruses. Although he did not comment on specific plans, Cook said Apple is also working on Apple improvements that are at least tangential to the current crisis.

“You can bet we are looking at other areas in this area. We were also doing it because we considered this area to be a huge opportunity for the company and a way for us to help a lot of people,” said Cook . “And so you’re going to see us continue on this.”

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