Apple revenues up 11% in pandemic
July 31, 2020
Apple has announced financial results for its fiscal 2020 third quarter ended June 27th. The Company posted quarterly revenue of $59.7 billion (€50.3bn), an increase of 11 per cent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 per cent. International sales accounted for 60 per cent of the quarter’s revenue.
“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.”
“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” added 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 per cent and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.”