Apple today announced fiscal Q320 earnings for the period 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. International sales accounted for 60 percent of the quarter’s revenue.
For the June quarter, analysts polled by FactSet expected Apple to post revenue of $52.12 billion and GAAP EPS of $2.04.
“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 a statement. “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.”
“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s CFO, in a statement. “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.”
Net sales by category:
• iPhone: $26.418B (vs. $25.986B YOY)
• Mac: $7.079B (vs. $5.820B YOY)
• iPad: $6.582B (vs. $5.023B YOY)
• Wearables, Home and Accessories: $6.450B (vs. $5.525B YOY)
• Services: $13.156B (vs. $11.455B YOY)
Apple’s Board of Directors has declared a cash dividend of $0.82 per share of the Company’s common stock. The dividend is payable on August 13, 2020 to shareholders of record as of the close of business on August 10, 2020.
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, and trading will begin on a split-adjusted basis on August 31, 2020.
Apple will provide live streaming of its Q3 2020 financial results conference call beginning at 2:00 p.m. PT on July 30, 2020 at apple.com/investor/earnings-call/.
MacDailyNews Take: Apple Q320 earnings: Fabulous results! (Amid COVID-19 shutdowns and with the Multiyear iPhone 5G Super Cycle looming, no less!)
AAPL at close: $384.76, +4.60 (+1.21%) @ 4:00PM EDT
AAPL after hours: $398.00, +13.24 (+3.44%) @ 4:30PM EDT
AAPL: $405.70, +20.94 (+5.44%) @ 4:36PM EDT