Apple announces Q3 2020 earnings, reporting revenue of $59.7 billion
Apple has announced its financial earnings results for the third quarter of 2020, reporting quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter amid the global COVID-19 pandemic.
iPhone sales totalled $26.4 billion during the quarter, an increase of 1.7% from the $25.98 billion seen in Q3 2019. Services continued to skyrocket, up 14.8% bringing in revenue of $13.2 billion. iPad revenue was up 31% from 2019’s $5.02 billion to $6.6 billion, and Mac sales were up 21.6% at $7.1 billion for Q3 2020 over $5.82 billion in Q3 2019.
For the first time since 2014, Apple’s board of directors have 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.
In a statement shared to the Apple Newsroom, CEO Tim Cook said Apple’s growth during these challenging times “is a testament to the important role [their] products play in our customers.”
Cook will be joined by Apple’s CFO Luca Maestri for a live Q3 2020 financial results conference call.