Apple Posts 11% Increase In Revenue For Q3
August 1, 2020Apple just released its third quarter financial results ended June 27, 2020. It posted a quarterly revenue of $59.7 billion, which is an increase of 11% compared to the same quarter last year. Quarterly earnings per diluted share is $2,58, an 18% increase. Unsurprisingly, 60% of Cupertino’s revenue for the quarter came from international sales.
Speaking of the posted earnings, Tim Cook, Apple’s CEO , 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.”
“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,” said Luca Maestri, Apple’s CFO.
Despite the uncertain times, Apple claims that demand for the iPhone remained on track by referencing the popularity of the the new iPhone SE. In case you didn’t know, the 2020 SE features the same hardware as the iPhone 11 but packed into the shell of an iPhone 8. The recipe is similar to what was used with the original SE from 2016.
Useful links:
iPhone SE Teardown by iFixit
iPhone SE Launch
View PDF of Consolidated Financial Statements
Apple’s Board Directors declared a cash dividend of $0.82 per share of the company’s common stock. And in a surprising move, the board also approved a 4-to-1 stock split. This means that each Apple shareholder as of August 24, 2020, will receive an additional 3 shares for very share that they hold.
According to Apple, this move is meant to make the company’s stock more accessible to a broader base of investors. In case you’re interested, the Q3 2020 financial results conference call footage is still available to watch at apple.com/investor/earnings-call/.
