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Apple posts record quarterly revenue

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Apple CEO Tim Cook.
Apple CEO Tim Cook.

Apple has posted quarterly revenue of $59.7 billion, an increase of 11% from the year-ago quarter.

The iPhone maker yesterday announced financial results for its fiscal 2020 third quarter ended 27 June.

It also posted quarterly earnings per diluted share of $2.58, up 18%. International sales accounted for 60% 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,” says Apple CEO Tim Cook.

“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. This is a challenging moment for our communities, and, from Apple’s new $100 million Racial Equity and Justice Initiative to a new commitment to be carbon-neutral by 2030, we’re living the principle that what we make and do should create opportunity and leave the world better than we found it.”

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

“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 [earnings per share] by 18% and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.”

Apple’s board of directors declared a cash dividend of $0.82 per share of the company’s common stock. The dividend is payable on 13 August to shareholders of record as of the close of business on 10 August 2020.

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