Apple Reports 3Q 2020 Results: $11.25B Profit on $59.7B Revenue, 4-for-1 Stock Split Announced [Live Updates]

Apple today announced financial results for the third fiscal quarter of 2020, which corresponds to the second calendar quarter of the year.

For the quarter, Apple posted revenue of $59.7 billion and net quarterly profit of $11.25 billion, or $2.58 per diluted share, compared to revenue of $53.8 billion and net quarterly profit of $10.0 billion, or $2.18 per diluted share, in the year-ago quarter. Both revenue and earnings per share were June quarter records.

Gross margin for the quarter was 38.0 percent, compared to 37.6 percent in the year-ago quarter, with international sales accounting for 60 percent of revenue. Apple also declared a quarterly dividend payment of $0.82 per share, payable on August 13 to shareholders of record as of August 10.

Apple is also announcing a four-for-one stock split that will take effect for shareholders of record as of August 24, with split-adjusted trading to begin on August 31.

Apple’s results were obviously significantly affected by the global health crisis, and the company did not issue financial guidance for the quarter in its previous earnings release on April 30, but results were generally ahead of Wall Street expectations.

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Tim Cook, Apple’s CEO. “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.”

Apple is once again not issuing guidance for the current quarter ending in September, as considerable uncertainty surrounding the health situation’s impact remains.

Apple will provide live streaming of its fiscal Q3 2020 financial results conference call at 2:00 PM Pacific, and MacRumors will update this story with coverage of the conference call highlights.

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Tag: earnings
This article, “Apple Reports 3Q 2020 Results: $11.25B Profit on $59.7B Revenue, 4-for-1 Stock Split Announced [Live Updates]” first appeared on MacRumors.com

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