Apple Q3 2020 Results - $59.7 Billion Revenue

Apple Q3 2020 Results - $59.7 Billion Revenue

That beat Wall Street predictions of US$6.1 billion.

The company's stock was up 6% in after-hours trading after the earnings release.

Revenue from the iPhone was US$26.4 billion, beating analysts' expectations of US$21.3 billion.

This was the first quarter to factor in sales of the second-generation iPhone SE, which is Apple's cheapest iPhone with a starting price of $399.

"Our June quarter performance was strong evidence of Apple's ability to innovate and execute during challenging times", said Luca Maestri, Apple's CFO. "We attribute this increase in demand to several interactive causes, including a strong iPhone SE launch, continued economic stimulus, and potentially some benefit from shelter-in-place restrictions lifting around the world", he explained. Thursday said its third-quarter revenues increased 11% supported by a rebound in the sales of iPhone, despite the COVID-related supply chain disruption and macro pressures. The company will give investors three additional shares of Apple for each share they own as of August 24, and trading will begin on a split-adjusted basis on August 31. Apple previously had a 7-for-1 stock split in 2014. Analysts had been expecting around $52.3 billion in revenue and earnings per share of $2.07, but Apple crushed those predictions with $59.7 billion in revenue - up 11 percent from last year's third quarter - and EPS of $2.58, up 18 percent. The company said it has more than 550 million paid subscriptions and is on track to reach 600 million by year-end. Apple's Others category, which includes AirPods and the Apple Watch, grew over 16 percent from the same quarter in 2019.

iPad sales during the April-to-June period totaled $6.6 billion, a 31% rise year over year. But the region returned to growth in the June quarter and registered $9.3 billion in revenue, up 2% year over year. The biggest component of that business is the App Store, where Apple generates commissions between 15 per cent and 30 per cent on some sales.



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