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Apple Reports Q3 2020 Financial Results: $11.25B Profit on $59.7B Revenue

Apple Reports Q3 2020 Financial Results: $11.25B Profit on $59.7B Revenue

Apple today announced financial results for its fiscal 2020 third quarter ended June 27, 2020. The Company posted quarterly revenue of $59.7 billion, an increase of 11% from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18%. International sales accounted for 60% of the quarter’s revenue. Both revenue and earnings per share were June quarter records.

Gross margin for the quarter was 38.0%, compared to 37.6% in the year-ago quarter. 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’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.

“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s CFO. “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 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 has declared a cash dividend of $0.82 per share of the Company’s common stock. The dividend is payable on August 13, 2020, to shareholders of record as of the close of business on August 10, 2020.

Apple also announced 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 says the move was to make the stock more accessible to a broader base of investors.

Apple hadn’t issued financial guidance for the quarter in its previous earnings release on April 30, but its results came in generally ahead of Wall Street expectations.

Apple is once again not issuing guidance for the current quarter ending in September.