Apple set new all-time and quarterly records in Q2 2020 despite pandemic

Brittany A. Roston - Apr 30, 2020, 3:55pm CDT
Apple set new all-time and quarterly records in Q2 2020 despite pandemic

Apple has announced the financial details for its second fiscal quarter, reporting that despite the coronavirus pandemic and resulting economic downturn, the company set new all-time and quarterly revenue records. The quarter, which ended on March 28, pulled in $58.3 billion in revenue, a one-percent jump over the same quarter last year. International markets drove the sales during this quarter.

In addition to its quarterly revenue increase, Apple reports that its quarterly earnings per diluted share are up 4-percent at $2.55. The company saw 62-percent of its quarterly sales come from international markets. Operating cash flow for the quarter sits at $13.3 billion, a more than two billion dollar increase compared to a year ago.

In a statement, Apple CEO Tim Cook said:

In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we’ve sent to medical professionals around the world, to the millions we’ve donated to organizations like Global Citizen and America’s Food Fund.

In addition to seeing its total revenue growth during the previous quarter, Apple says that it reached an all-time Services revenue high of $13.3 billion. Cook also mentioned that Apple saw a new quarterly record for its Wearables, hinting at continued demand for its Apple Watch.

As well, Apple boasts that its Q2 2020 brought an all-time high of active installed devices across all of its geographic segments and all of its major product categories. Apple says it is optimistic about its future, with company CFO Luca Maestri saying that the new results show ‘how resilient our business and financial performance has been.’


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