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Apple beats COVID blues, revenue up 11 pc in June quarter

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Beating the pandemic blues, has posted US$ 59.7 billion in revenue for its fiscal 2020 third quarter ended June 27, an increase of 11 percent from the year-ago quarter, as iPhone sales beat the Wall Street estimates.

Apple beats COVID blues, revenue up 11 pc in June quarter

Apple’s board of directors approves a four-for-one stock split, effective from August 31.

International sales accounted for 60 percent of the quarter’s revenue.

“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 , CEO, Apple.

“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,” he said in a statement.

iPhone sales were US$ 26.4 billion, iPad revenue was US$ 6.6 billion while Mac revenue reached US$ 7.1 billion.

Apple posted revenue of US$ 6.5 billion in the Wearables, Home and Accessories segment while its Services vertical (App Store, Apple Music and iCloud etc) reached US$ 13.2 billion in sales.

The solid results took Apple stock up to as much as 6.3 percent in extended trading, pushing the stock above US$ 400 for the first time.

“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said , CFO, Apple .

“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 US$ 16.3 billion during the quarter, a June quarter record for both metrics,” Maestri informed.

Following last quarter’s lead, Apple didn’t provide guidance for the September quarter.