Apple Q3 2020 Results - $59.7 Billion Revenue

Ruben Fields
August 2, 2020

A majority of those revenues were due to the worldwide sales of iPads, Macbook as the coronavirus pandemic has forced firms across the world to opt for work from home for their employees. Chief Executive Officer Tim Cook said sales actually grew 6% on a constant-currency basis, propelled by demand for Macs and iPads from millions now accustomed to working from home.

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.

The coronavirus pandemic will likely have contributed to issues in manufacturing and timelines that has meant Apple has had to restructure this year's launch. There were also minor updates to the iPad Pro and MacBook Pro, and new accessories like an iPad Pro keyboard with trackpad. New cameras, LiDAR scanners, and overall form factors are also in tow for the iPhone lineup this year. "Last year we started selling new iPhones in late September", Maestri said.

The Cupertino, California-based technology giant didn't provide guidance again due to the ongoing impact of Covid-19. They revealed recently that any increase in revenue will not be felt until next quarter due to the delays tied to the major 5G flagship. We've also seen changes to the way companies produce tech products, and the latest example of this is none other than Apple. Remarkably, this was an 11 percent increase in revenue for the company compared to Q3 2019, with 60 percent of that money coming from worldwide sales. "Its new iPhone SE was critical in the quarter", Canalys analyst Vincent Thielke said.

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Apple saw an increase in revenue for every type of its hardware products, and services too.

Earnings per share: $2.06 expected versus $2.18 in Q3 2019.

Reports indicate that 5.4-inch and 6.1-inch iPhone 12 models will be built with 128GB or 256GB worth of storage and that 6.1-inch and 6.7-inch iPhone 12 Pro models will have 128GB, 256GB and 512GB storage options.

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