Apple Reported An Increase In Q3 2020 Revenue And Profit
The American company Apple recorded in the third quarter of the fiscal year 2020 revenue and profit growth, despite the pandemic of a new coronavirus, according to the report published on Thursday.
For the three months ended July 27, the company had revenue of $59.7 billion and a net income of $11.3 billion. Both indicators showed growth compared to the same period in the 2019 financial year. At that time, Apple's revenue was $53.8 billion, and its profit was $10 billion.
Analysts polled by FactSet employees believed that Apple would record revenue of $52.2 billion. The company did not provide forecasts for financial performance in the fourth quarter of the financial year.
The primary part of Apple's revenue in the reporting period came from sales of iPhone smartphones, as well as from the company's services. Apple CEO Tim Cook said in an interview with Reuters that demand for the company's products fell slightly in April, but increased in May and June. According to the entrepreneur, this was facilitated by measures taken in different countries to stimulate the economy.
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 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.