Apple reveals record Q4 2020 revenue despite pandemic

Brittany A. Roston - Oct 29, 2020, 4:16pm CDT
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Apple reveals record Q4 2020 revenue despite pandemic

Apple has announced another quarterly earnings record, stating that it raked in $64.7 billion in revenue during the fiscal quarter that ended on September 26, 2020. The record quarter was achieved despite the pandemic, which has resulted in widespread unemployment, concerns about long-term economic depression, and a general decrease in consumer spending.

Many people are working from home as a result of the pandemic, and many people had to purchase new hardware to adjust to this new workflow. It’s no surprise that Apple saw the strongest performance across its iPad and Mac product lines, both of which have a long to offer remote workers and kids who have suddenly found themselves in a homeschool environment.

Apple CEO Tim Cook said, in part:

Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services. Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive.

It’s important to note that this year’s Q4 earnings report doesn’t include the newly announced and released iPhone 12 and iPhone 12 Pro, which weren’t available to purchase until just days ago. The Max version of the iPhone 12 Pro, as well as the small iPhone Mini, won’t go up for preorders until early November.

Ultimately, Apple CFO Luca Maestri praised the company’s customers, stating:

Our sales results and the unmatched loyalty of our customers drove our active installed base of devices to an all-time high in all of our major product categories. We also returned nearly $22 billion to shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.

Due to the pandemic, Apple has not provided any sort of forward guidance or expectations for its upcoming quarter.


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