Apple delivers blowout quarter, announces 4-for-1 stock split

Ruben Fields
July 31, 2020

The iPhone is still, by far, Apple's biggest business, and it now represents 44 percent of its total revenues.

This is Apple's fifth stock split since it went public.

"In uncertain times, this performance is a testament to the important role our products play in our customers' lives", Apple Chief Executive Officer Tim Cook said in a statement.

In a call following the release of Apple's Q3 earnings, the company's CFO Luca Maestri shared that compared to the September 2019 release of iPhone 11 models, Apple is expecting this year's supply of new iPhones "to be available a few weeks later".

Sales of the iPhone, Apple's main revenue driver, were up 1.7% year over year at $26.4 billion in the June quarter.

"Last year, we started selling new iPhones in late September".

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All regions saw sales increases in the quarter, while Japan recorded the highest growth with almost $5 billion in total sales, jumping 22% from a year earlier.

Regardless of what happens next quarter, one thing is very clear: While some business are shuttering due to the financial blows caused by COVID-19, Apple is thriving.

Apple benefited from remote work and learning trends, reporting sales in its iPad and Mac segments of $6.58bn and $7.08bn, which beat expectations of $4.88bn and $6.06bn, according to Refinitiv data.

Demand for computers for students and professionals working at home drove Mac revenues to $7 billion, up almost 22% over last year's $5.8 billion. And Apple services experienced something of an off quarter, too. Apple CEO Tim Cook described the product's arrival as a "strong launch".

But Apple bought 13 million iPhones in the June quarter, up 62% year-on-12 months, in accordance to facts from Shanghai-primarily based CINNO Investigation. "And so these are numbers that we're super proud of". What hints that were offered constituted a mixed bag: Cook noted that he expected the iPhone's recent sales performance to continue, but he also pointed out that production of new Apple TV+ shows has been delayed, with no precise date for when production might resume.

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