Apple posts double-digit earnings of $39.7B behind products and services

Apple today posted their latest revenue results for its fiscal 2020 third quarter ended June 27, 2020. The iPhone maker posted quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 percent. International sales accounted for 60 percent of the quarter’s revenue. Apple's strong earnings were representative of the technology sector which were the only bright lights during a day when the Dow (INDU) still closed down 0.9 percent, or 226 points, and the S&P 500 (SPX) fell 0.4 percent as a reflection of the current pandemic and unstable political climate in the US heading to the November presidential elections.

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Tim Cook, Apple’s CEO. “In uncertain times, this performance is a testament to the important role our products play in our customers’ lives," said Apple CEO Tim Cook fresh off yesterday's congressional hearings on monopolies and anti-competitive practices in the tech industry. 

Sales of the iPhone reached $26.4 billion for the quarter, an increase of 1.7 percent from $25.98 billion seen in Q3 2019. The iPad saw revenue of $6.6 billion, up 31 percent from 2019's $5.02 billion. Mac sales were up 21.6 percent at $7.1 billion for Q3 2020 over $5.82 billion in Q3 2019. Services raked in $13.2 billion and assorted accessories and peripheral products like AirPods and Apple Watch earned $6.45 billion for the quarter.