The pandemic and iPhone SE have made Apple even richer

Ruben Fields
August 1, 2020

The delay to the iPhone 12 release was announced during Apple's latest earnings call, in which the company announced positive news for the third quarter this year.

The pandemic likely boosted iPad and Mac sales due to lockdown rules and an increase in remote learning, while Apple store closures are weighing on iPhone sales, the CEO said in an interview with Bloomberg TV.

The leader of the maker of iPhones also gave existing investors an extra surprise; a four-for-one stock split that may entice a new crop of investors. Shares rose as much as 6 per cent in extended trading after the results.

The 5.4-inch standard iPhone may package a full-size display into a smaller form, while Pro models are expected to sport either a 6.1-inch screen or a 6.7-inch screen.

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"Our June quarter performance was strong evidence of Apple's ability to innovate and execute during challenging times", said Luca Maestri, Apple's CFO. Apple previously had a 7-for-1 stock split in 2014.

Despite the global coronavirus pandemic that has crippled retailers forced to close shops indefinitely, Apple managed to post an 11 percent jump in revenue to $59.7 billion, above the $52.2 billion Wall Street was forecasting. In fact, 2020 brought the strongest Q3 the company ever experienced when it comes to laptop and desktop sales - by a wide margin.

"Both had some really significant product announcements at the end of March, beginning of April", Cook told Reuters. The iPhone is still, by far, Apple's biggest business, and it now represents 44 percent of its total revenues.

The pandemic is keeping people at home, which has spurred demand for Apple devices to help millions of consumers use the internet to keep in touch with friends, family and co-workers. And the result was an 11% increase in Apple revenue during the June quarter. In Cook's case, the House Judiciary Committee mainly pressed Apple's chief executive on how the company runs the App Store and the subscription fees it collects from developers.

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