- In a quarter overshadowed by the coronavirus, Apple posted a monster quarter with $59.7 billion in revenue.
- EPS for the quarter checked in at $2.58, compared to $2.07 in the same quarter a year-ago.
- Apple also announced a 4-1 stock split that will go into effect in late August.
Apple this afternoon posted its earnings report for the June quarter and delivered $59.7 billion in revenue, a quarterly profit of $11.25 billion, and EPS of $2.58. As a point of comparison, Apple during the same quarter a year-ago posted revenue of $53.8 billion, a quarterly profit of $10 billion, and EPS of $2.18. Ahead of Apple’s earnings, analysts were anticipating revenue to fall somewhere in the $52 billion range and EPS to check in at around $2.07.
Suffice it to say, Apple delivered a monster and record-breaking quarter in the midst of a global pandemic that saw many of its retail stores closed for weeks on end.
Apple CEO Tim Cook said the following in a press release:
Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments. 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. This is a challenging moment for our communities, and, from Apple’s new $100 million Racial Equity and Justice Initiative to a new commitment to be carbon neutral by 2030, we’re living the principle that what we make and do should create opportunity and leave the world better than we found it.
Apple also announced its plan to implement a 4-1 stock split that will go into effect at the end of August. Apple last instituted a stock split in 2014 when it announced a 7-1 split.
Apple a few years ago stopped releasing sales figures for its product line, so the only metric we have to gauge the vibrancy of Apple’s business are cumulative revenue figures for specific product lines.
To that end, Apple generated $26.42 billion in revenue from the iPhone during the June quarter. iPad and Mac sales generated $6.58 billion and $7.08 billion in revenue, respectively. Revenue from the company’s Wearables, Home, and Accessories division came in at $6.45 billion. And lastly, Apple’s Services business generated a whopping $13.6 billion in revenue.
By way of contrast, Apple last year generated $25.99 billion from the iPhone, $5.02 billion from the iPad, $5.82 billion from the Mac, and $11.46 from its suite of Services. Apple’s Wearables, Home & Accessories division, meanwhile, generated $5.53 billion in revenue during the year-ago quarter. Clearly, Apple posted a monster quarter that saw revenue grow across the entirety of the company’s product line.
“We grew EPS by 18 percent and generated operating cash flow of $16.3 billion during the quarter,” Apple CFO Luca Maestri said, “a June quarter record for both metrics.”
As expected, Apple also declared a quarterly dividend of $0.82 per share payable on August 31.