Apple reports third quarter earnings with strong sales

Apple announced results for its fiscal 2020 third quarter that comprises revenue of $59.7 billion, which is an increase of 11 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 percent. International sales were looked on for 60 percent of the quarter’s revenue. The third fiscal quarter, which corresponds to the second calendar quarter, ended June 27.

The company is also announcing a four-for-one stock split for shareholders of record as of August 24, with three additional shares of Apple per share on the record date. The trading will begin on a split-adjusted basis on August 31. Apple shares gained more than 6% in extended trading following the report.

Apple CEO Tim Cook said:

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 didn’t issue an investor guidance for the current quarter ending in September due to uncertainties caused by the COVID-19 pandemic. Apple CFO Luca Maestri, however, mentioned that the company expects iPhone supply in the fall to be delayed for a few weeks.