Even COVID-19 can’t slow Apple’s moneymaking machine

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Apple made it through its financial Apple Q3 2020 with flying colors.
Apple brought in far more money than expected recent during the April-to-June quarter.
Photo: Ed Hardy/Cult of Mac

Apple took in $59.7 billion in revenue last quarter, an annual increase of 11%. That solidly beats the estimates of analysts, who predicted a drop in revenue as the iPhone-maker, and the rest of the world, grappled with the COVID-19 pandemic.

Very strong increases in revenue from Mac and iPad significantly pushed up the total.

Prior to Thursday’s Apple earnings report, analysts predicted the company’s revenue would hit just $52.56 billion, down 2.3%. Instead, it saw strong growth during the quarter. “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 a statement. “In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation.”

Apple saw quarterly earnings per diluted share of $2.58, up 18% year-over-year.

Every Apple product category went up in Q3 2020

Apple saw an increase in revenue for every type of its hardware products, and services too. Revenue from iPhone totaled $26.4 billion during the quarter, up 2% annually. Analysts had predicted Q3 iPhone revenue would come in at just $22 billion. The launch of the 2020 iPhone SE helped with this total.

Near the beginning of the April-June period, Apple predicted there would be an increase in Mac and iPad sales. It certainly delivered. Mac sales hit $7.1 billion, up a whopping 22% year-over-year. And iPad sales totaled $6.5 billion, an amazing 31% jump.

Apple services went up to $13.2 billion, an increase of 15%.

Just so no one gets confused, Apple on Thursday reported results for the April-through-June quarter. To everyone else, this is Q2. But it’s Apple’s fiscal Q3 because the company begins its fiscal year on October 1.

Source: Apple