Apple’s latest quarterly earnings results show how the company fared selling its products in the middle of an ongoing global pandemic.
Apple on Thursday officially announced its third fiscal quarter results for the year 2020. These results cover the three-month period between May and the end of July. Apple, like every other company, has had to face the realities of the coronavirus pandemic, and this latest report shows how muted things are. Of course, the company still did well, and the Services division continues to be a shining light.
So here’s how it looks: Apple announced $59.7 billion in total revenue for the third fiscal quarter of 2020. That compares to the $53.8 billion the company earned in the third fiscal quarter of 2019. This marks an 11 percent increase year-over-year. And that’s riding on the back of Apple’s second fiscal quarter of this year, when the company brought in $58.3 billion in revenue.
Apple also noted in its press release that international sales accounted for a whopping 60 percent of the quarter’s revenue.
Apple today announced financial results for its fiscal 2020 third quarter ended June 27, 2020. The Company posted quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 percent. International sales accounted for 60 percent of the quarter’s revenue
Apple isn’t reporting device sales numbers anymore, so we don’t know just how many iPhones or iPads or Macs the company sold during this quarter. However, we do have sales numbers at the very least. Here’s how those break down:
- iPhone: $26.42 billion
- iPad: $6.58 billion
- Mac: $7.08 billion
- Wearables, Home, Accessories: $6.45 billion
- Services: $13.16 billion
Tim Cook, Apple’s CEO, weighed in on the latest quarterly earnings report:
Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Tim Cook, Apple’s CEO. “In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation. This is a challenging moment for our communities, and, from Apple’s new $100 million Racial Equity and Justice Initiative to a new commitment to be carbon neutral by 2030, we’re living the principle that what we make and do should create opportunity and leave the world better than we found it.
And, as usual, Apple’s CFO, Luca Maestri, also chimed in:
Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s CFO. “The record business results drove our active installed base of devices to an all-time high in all of our geographic segments and all major product categories. We grew EPS by 18 percent and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.
As Apple did last quarter, the company is not specifically providing any future outlook for the next subsequent quarter.
However, the company did announce a four-for-one stock split, which should make the company’s overall stock more accessible to more investors:
The Board of Directors has also approved a four-for-one stock split to make the stock more accessible to a broader base of investors. Each Apple shareholder of record at the close of business on August 24, 2020 will receive three additional shares for every share held on the record date, and trading will begin on a split-adjusted basis on August 31, 2020.
Apple’s next quarterly earnings report will take place in October of this year, and if the rumor mill is true then that quarterly earnings report will only have new iPhones to help for a very short stretch of time.