Apple reports record Q3 2020 revenue numbers despite pandemic

Brittany A. Roston - Jul 30, 2020, 4:10 pm CDT
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Apple reports record Q3 2020 revenue numbers despite pandemic

Apple has announced its third-quarter financial results for the 2020 fiscal year, revealing multiple new June quarter records for the company. Sales of Apple’s most popular consumer devices were up across the board, with Apple ultimately saying that it experienced double-digit growth across its Products and Services segments. The financial quarter ended on June 27, 2020.

In its Q3 2020, Apple raked in $59.7 billion in quarterly revenue, an 11-percent increase over the same quarter last year. As well, the company reports that quarterly earnings per diluted share were up 18-percent at $2.58. Of this revenue, 60-percent came from international sales.

In a statement on the latest quarterly results, Apple CEO Tim Cook said:

Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments. 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.

Apple saw its revenue up across its wearables, accessories, services, Mac, iPad, and iPhone lines. The company’s iPad revenue increased the most at 31-percent, while Mac came in second at 21.6-percent and wearables/accessories came in third at 16.7-percent. Services was at 14.8-percent, while the iPhone’s revenue barely moved at an increase of 1.6-percent.

Ultimately, Apple saw new quarterly records for its EPS with growth of 18-percent, as well as with operating cash flow, which hit $16.3 billion — this despite the pandemic and its resulting economic impact. Company CFO Luca Maestri said, “Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times.”


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