The ongoing COVID-19 pandemic has affected most brands around the world, but Apple has somehow managed to defy it with strong sales and record revenue during the third fiscal quarter of this year. Now, the iPhone maker announced its earnings for Q3 2020.
Apple announced revenue of $59.7 billion and a profit of $11.25 during Q3 2020. In comparison, the company’s revenue was $53.8 billion and profit stood at $10.04 billion in the same quarter last year. This means that the company’s sales increased 11% compared to Q3 2019 despite the pandemic, thanks to strong sales of iPads and MacBooks as more people worked and learned from home due to COVID-19.
As usual, the company’s services and wearables performed strongly. Sales of iPhones were strong, too, thanks to the launch of the iPhone SE 2020. With the launch of the new 13-inch MacBook Pro and the MacBook Air with Magic Keyboard, the company has completely shifted to new switches on its laptops and left behind the controversial butterfly switch mechanism.
Here’s Apple’s revenue by product category:
- iPad: $6.58 billion (up 31.04% YoY)
- iPhone: $26.42 billion (up 1.66% YoY)
- Mac: $7.08 billion (up 21.63% YoY)
- Services: $13.16 billion (up 14.85% YoY)
- Wearables, Home, and Accessories: $6.45 billion (up 16.74% YoY)
The Cupertino-based brand’s board of directors also announced a 4-for-1 stock split and a cash dividend of $0.84 per share. After the company’s earnings announcement, its share price shot up nearly 5% in the after-hours trading and crossed the $400 mark.[Source: Apple Newsroom]