Apple had a record Q3 2020 on back of strong Mac and iPad sales; Tim Cook hails company’s relentless innovation

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Updated: Jul 31, 2020 1:56 PM

The launch of the revised 13-inch MacBook Pro amid the surge in demand for computers and tablets due to the work from home policy adopted by companies across the world also helped Apple's sales go up.

Cook recognised the significant growth of Apple even in the uncertain times due to the coronavirus pandemic.

Apple has released its earnings for the third quarter of 2020 and reported an increase of 11 per cent in gross revenue on a year-on-year basis to $59.7 billion. The company also posted earnings of $2.58 per diluted share, a jump of 18 per cent in quarterly earnings. The company has attributed the growth in revenue to the volume of international sales which contributed to the 60 percent of the quarter’s revenue. The Cupertino-headquartered company generated an operating cash flow of $16.3 billion during the last quarter.

Apple’s services and wearables divisions including iPhone, Mac, and iPad have performed well in the last quarter. The launch of the revised 13-inch MacBook Pro amid the surge in demand for computers and tablets due to the work from home policy adopted by companies across the world also helped Apple’s sales go up.

The third quarter of the year 2020 was the first quarter where the impact of iPhone SE on Apple’s revenue and earnings could be examined. iPhone SE is the cheapest iPhone from the house of Apple with a starting price of $399.

Tim Cook, Apple’s CEO said that the company could achieve a record revenue growth in the June quarter on the back of double-digit growth in both products and services segments along with the growth in each of the company’s geographic segments. Cook recognised the significant growth of Apple even in the uncertain times due to the coronavirus pandemic and said that the performance in the last quarter is proof of Apple’s relentless efforts in innovation and the role of Apple’s products in people’s daily lives.

Meanwhile, the company is looking to bring reforms in its stocks and make the company more accessible to a wider group of investors in order to diversify the list of its investors. For this, Apple’s Board of Directors has also approved a four-for-one stock split where each Apple shareholder will pocket three additional shares for every share held on the record date at the close of business on August 24, 2020, and the trading on the newly split-adjusted basis will commence on August 31, 2020.

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