Apr 30, 2020

Apple Announces 2Q 2020 Earnings: Revenue Of $58.3B And Profit Of $11.2B

Apple has released earnings for its fiscal 2020 second quarter ended March 28, 2020. The company posted revenue of $58.3 billion, an increase of 1 percent from the year-ago quarter, along with a net quarterly profit of $11.2 billion, and quarterly earnings per diluted share of $2.55. In contrast, Apple reported revenue of $58 billion, a net quarterly profit of $11.6 billion, and earnings per diluted share of $2.46, in the year-ago quarter.


CEO Tim Cook in a statement said that an all-time high in Services and a quarterly high for Wearables had been set. Cook says that Apple is giving back to support the global response to the COVID-19 pandemic, with tens of millions of face masks and custom-built face shields sent to medical professionals around the world, and millions of dollars have thus far donated to organizations like Global Citizen and America’s Food Fund.
“Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Tim Cook, Apple’s CEO. “In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we’ve sent to medical professionals around the world, to the millions we’ve donated to organizations like Global Citizen and America’s Food Fund.”
In Q2 2020, Apple's services segment took in $13.3 billion, up from $11.5 billion in the year-ago quarter, scoring 17 percent growth year over year. As for the Wearables category, which includes the Apple Watch and AirPods products, brought in $6.3 billion during the quarter, up from $5.1 billion in Q2 2019.

Unlike any other quarter, this time, Apple has not issued any guidance for the third quarter of fiscal 2020.

Finally, Apple has declared a cash dividend of $0.82 per share of the Company’s common stock, an increase of 6 percent. The dividend is payable on May 14, 2020, to shareholders of record as of the close of business on May 11, 2020. The board of directors has also authorized an increase of $50 billion to the existing share repurchase program.

Image Via Bloomberg

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