Apple achieved double digits growth in revenue and EPS in fiscal 2020 Q3

Apple has reported fruitful earnings in fiscal 2020 Q3 ended on June 27, 2020. As per the published financial statements, the company’s revenues for the same quarter in the previous year have increased by 11percent with $59.7 billion in quarterly revenue and quarterly earnings per diluted share (EPS) of $2.58 has grown by 18 percent. International sales made up 60% of the Q3 revenue.

Interpreting the revenues and EPS growth, especially, at the time of a global health pandemic as consumers trust, Apple’s CEO, Tim Cook said:

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

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Apple’s Growth in COVID-19 Pandemic

After a disappointing Q1, the company’s earnings have seen slow and steady growth in Q2 and Q3 in 2020. Updated services like FaceTime group calls, discounted offers like back to school promotions, refurbished iPhone X and launch of new products like 2020 iPhone SE, iPad Pro, Magic Keyboard, MacBook were smart business strategies to offer innovative technology to consumers, especially during a challenging time due to COVID-19 pandemic.

In June this year, the iPhone maker became the first company in the United States to hit $1.5 trillion market share with a digital ecosystem worth half a trillion dollars.

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The CFO of Apple, Luca Maestri commented,

“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times. 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 percent and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.”

The official announcement of 2020 third-quarter results is published with consolidated financial statements for stakeholders, investors, and consumers. Review the statement sheets here.

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