Apple today announced financial results for its fiscal 2020 third quarter ended June 27, 2020.
The Company posted quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 percent.
Apple’s hardware sales all did well, and even iPhone sales saw a 1.7$% YoY growth. The star of the show was, however, Mac and iPad sales, with Mac sales up 21.6% YoY and iPad sales up 31%, due to the Work from Home push.
Wearables was up 16.7% and services increased 14.8% YoY.
“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.”
International sales accounted for 60 percent of the quarter’s revenue. Apple sales grew in every single region: Americas: +7.8% Europe: +18.9% Greater China: +1.9% Japan: +21.7% Rest of APAC: +17.0%.
“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said 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 percent and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.”
Apple’s Board of Directors has declared a cash dividend of $0.82 per share of the Company’s common stock. The Board of Directors has also approved a four-for-one stock split to make the stock more accessible to a broader base of investors. Each Apple shareholder of record at the close of business on August 24, 2020 will receive three additional shares for every share held on the record date.
Apple declined to give guidance for the coming quarter, due to the ongoing uncertainty related to COVID-19. The results, however, validate the idea that the biggest tech companies appear to be immune to the impact of the infection, something which can not be said of the vast majority of the rest of the market.