Apple Posts $58.3 Billion in Quarterly Revenue for Q2 2020, Up Slightly from Previous Year

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Apple has just published its financial results for the fiscal Q2 2020, which ended on March 28, 2020. The company’s total revenue is slightly up compared to the same quarter from last year. The Cupertino-based firm also announced that revenue from services reached an all-time high. Let us have a look at the numbers.

The company’s total revenue during the second fiscal quarter of 2020 was $58.3 billion, which is a 1 percent increase over fiscal Q2 2019’s revenue of $58 billion. Apple’s net income for the quarter was $11.2 billion, which is a slight drop of around 3 percent from $11.5 billion in the year-ago quarter. The company’s operating cash flow during the quarter was $13.3 billion, which is $2.2 up from last year’s quarter.

International sales accounted for 62 percent of the company’s revenue. Quarterly earnings per diluted share stood at $2.55, which is an increase of 4 percent. Apple’s board of directors has declared a cash dividend of $0.82 per share from the company’s common stock, and that’s an improvement of 6 percent. The company will add an additional $50 billion in the share repurchase program.

iPhone is still Apple’s most important product as nearly half of the company’s revenue came from selling smartphones. Its revenue from iPhones, Macs, iPads, Wearables (and accessories), and services for the quarter was $28.9 billion, $14.2 billion, $9.4 billion, $5.2 billion, and $3.8 billion, respectively. Compared to previous Q2 2019, sales of iMacs, iPads, and iPhones dropped, but the company sold more Apple Watches and services.

The company spent $4.5 billion in research and development during the quarter, and it was 15 percent more from the same quarter from last year. Apple’s shares fell slightly after the earnings call as lower iPhone sales are expected for the next few months due to the COVID-19 pandemic and economic downturn in most countries around the world.

Apple CEO Tim Cook said, “Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” in the press release. He also said that the company also managed to give it back to the community by donating tens of millions of face masks and custom-built face shields to contain the spread of COVID-19.

The company mentioned in its press release that its active install base of devices had reached an all-time high in all geographic segments and all major product categories. Apple said that it is committing to contribute $350 billion to the US economy over the next five years. The iPhone maker has donated millions to organizations like Global Citizen and America’s Food Fund.

[Source: Apple]