Apple was on course for a strong performance in the March quarter, so much so, that CEO Tim Cook said the company was confident of a "record second quarter" based on its performance in the first five weeks of the quarter, but then the COVID-19 pandemic hit. As the virus spread globally, forcing governments to impose social distancing measures including lockdowns, the final three weeks of the quarter saw downward pressure on demand, particularly for iPhone and Wearables, Cook said during an investors' call. Apple reported a revenue of $58.3 billion, up 1% from a year ago, but with the pandemic hitting supply chains and resulting in store closures, it was largely a tale of two segments for it in the quarter: while its product revenue, at $45 billion, fell down by 3% compared to last year, revenue from Services reached an all-time high of $13.3 billion, registering a 17% YoY increase. iPhone revenue of $29 billion, declined 7% year-over-year.