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

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


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.