Apple revenues grow 11% to $59.7 billion for Q3 2020

Apple Will Reportedly Unveil New iPhones, iPads In October

"Our June quarter performance was strong evidence of Apple's ability to innovate and execute during challenging times", said Luca Maestri, Apple's CFO. Once again, the increase can be attributed both to customer demand for the recently released iPad Pro models and to business and educational demand for work-from-home and distance-learning devices in the age of COVID-19. There were rumours of launching an iPad Pro with a mini-LED display but new reports suggest that the launch of this iPad has been pushed to 2021.

This year's iPhones are expected to feature a new design as well as being the first with 5G technology.

The rest of the earnings call was pretty positive, thanks in part to said iPhone SE: sales of iPhones are up two per cent on past year, and iPad and Mac sales have rocketed despite the issues coronavirus causes.

Due to the uncertainty caused by the global pandemic, Apple did not provide financial guidance for Q3 2020 during its last earnings call.

Revenue from the iPhone was $26.4 billion, beating analysts' expectations of $21.3 billion.

iPad sales of $6.58 billion eclipsed last year's $5 billion in revenues, representing a 31% increase year-over-year.

Mnuchin says Congress is "very far apart" from deal on coronavirus bill
McEnany said the President's priority is unemployment benefits, not the Federal Bureau of Investigation building funding. Democrats proposed almost $1 trillion for states and cities to avert municipal layoffs of government workers.

Profits for the quarter also grew to $11.3 billion, up 12 per cent year-on-year.

Cook also stated that the company saw a higher number of people make the switch from Android to iPhone than in the previous year.

Cook said some services, including AppleCare repairs and advertising, were negatively impacted by the pandemic.

"We had strong performance in our digital services with all-time revenue records in the App Store, Apple Music, video and cloud services as well as elevated engagement on iMessage, Siri and FaceTime", informed Cook. "And companies set a new June quarter history there", Prepare dinner said on the earnings simply call. The company also delivered quarterly earnings per share of $2.58, which has increased by 18%.

Apple's Wearables, Home and Other Products category, one of the firm's fastest segments that includes the Apple Watch and AirPods, brought in $6.5 billion in revenue.

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