COVID-19 hasn't stopped tech sector growth, and Apple's third quarter 2020 performance is the best June of all time.
Apple today reported record Q3 performance across range of services and products. The company made $11.25 billion on $59.7 billion in total revenues, with a sharp 18% EPS jump to $2.61. Products made 77% of total net revenues, or $46 billion, up nearly double-digit percentage points over last year. Services pulled in $11.25 billion and saw a 15% jump over Q3'19.
While iPhone sales drove the quarter's total net sales ($59.68 billion), iPad saw the biggest uptick with 31% growth to $6.58 billion in sales. Wearables were also up 16.7%.
Interesting note: Apple paid more in taxes last year than it did this year, despite making more money. It spent $11.7 billion in Q3'19, and only $8.4 billion in Q4'20.
Apple Q3'20 earnings at a glance
- Net Revenues - $59.7 billion, up 11% YoY
- Products - $46.529 billion, up 9.8% YoY
- Services - $13.156 billion, up 14.8% YoY
- Net Income - $11.253 billion, up 12% YoY
- Operating Cash Flow -$16.3 billion
- Earnings Per Share - $2.61, up 18%
"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."
"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."
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