Apple revenues grow 11% to $59.7 billion for Q3 2020

Apple revenues grow 11% to $59.7 billion for Q3 2020”

This is Apple's fifth stock split since it went public. Many analysts had expected Apple to report a slight drop from last year's results. And the result was an 11% increase in Apple revenue during the June quarter. Apple also announced a four-for-one stock split to take effect on 31 August 2020.

Other tech companies like Facebook and Google said in June that employees would be able to work from home for all of 2020, with Twitter and Square allowing employees to work from home permanently if they choose to do so.

You might wonder how Apple managed to do so well when the GDP of the United States has shrunk by almost a third and Apple was forced to close stores around the world.

Maestri did not disclose the reasons for the delay in the release of new models, but rumors about this have appeared several times over the course of several months. Apple also said that it is saving money with less travel and fewer meetings.

"As you know, previous year we started selling iPhones in late September". The iPhone is still, by far, Apple's biggest business, and it now represents 44 percent of its total revenues. Its input grew more than 18.9 per cent year-on-year in the third quarter of this year, contributing $14.17bn of total sales.

Revenue from the iPhone was US$26.4 billion, beating analysts' expectations of US$21.3 billion. However, sales began to pick up in May and June when retail stores began to reopen.

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The Apple iPhone 12 is hotly anticipated and will support 5G wireless technology.

"Our June quarter performance was strong evidence of Apple's ability to innovate and execute during challenging times", said Luca Maestri, Apple's CFO. "I think we have the strongest product line in both areas that we've ever had", Cook told Reuters. Chief Executive Officer Tim Cook said sales actually grew 6% on a constant-currency basis, propelled by demand for Macs and iPads from millions now accustomed to working from home.

The delay likely has to do with Apple's supply chain, which COVID-19 disrupted when the virus broke out across China in January.

The company's services revenue reached 13.156 billion dollars, up by 14.8 percent year on year. And of course, you can't forget about the Apple Card. "And so these are numbers that we're super proud of".

Apple did not give a fiscal fourth-quarter forecast.

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