Summary
Apple Inc. reported strong financial results for the third quarter of fiscal year 2020, reflecting continued resilience and growth despite the ongoing COVID-19 pandemic. Total net sales saw an 11% increase year-over-year, reaching $59.7 billion, driven by robust performance across product categories and services. Net income also grew to $11.3 billion, resulting in diluted earnings per share of $2.58. The company demonstrated broad-based growth, with significant contributions from its Services segment, which grew 15% year-over-year. Product sales also saw a notable rebound, with Mac and iPad sales increasing by 22% and 31% respectively. This performance highlights Apple's ability to adapt to changing consumer behaviors and maintain strong demand for its ecosystem of products and services.
Financial Highlights
55 data points| Revenue | $59.69B |
| Cost of Revenue | $37.01B |
| Gross Profit | $22.68B |
| R&D Expenses | $4.76B |
| SG&A Expenses | $4.83B |
| Operating Expenses | $9.59B |
| Operating Income | $13.09B |
| Interest Expense | $697.00M |
| Net Income | $11.25B |
| EPS (Basic) | $0.65 |
| EPS (Diluted) | $0.65 |
| Shares Outstanding (Basic) | 17.25B |
| Shares Outstanding (Diluted) | 17.42B |
Key Highlights
- 1Total net sales increased by 11% year-over-year to $59.7 billion for the third quarter of fiscal 2020.
- 2Net income grew to $11.3 billion, or $2.58 per diluted share.
- 3Services revenue experienced a strong 15% year-over-year increase, reaching $13.2 billion.
- 4Product sales showed significant growth, with Mac sales up 22% and iPad sales up 31% year-over-year.
- 5The company repurchased $16.0 billion of its common stock and paid $3.7 billion in dividends.
- 6Despite the COVID-19 pandemic, demand improved throughout the quarter across all product categories and Services.
- 7Gross margin percentage remained strong at 38.0%, with Services gross margin significantly higher at 67.2%.