Apple announces $59.7 billion revenue in Q3 2020, record double-digit growth

Apple, on July 31, announced the Q3 2020 financial results which ended on June 27. The Cupertino, California-based US tech giant posted quarterly revenue of $59.7 billion, an 11 percent increase year-on-year.

Apple said that international sales had accounted for 60 percent of the quarter’s revenue. The company witnessed a profit of $11.25 billion, up from $10.04 billion profit the same quarter in 2019.

The quarterly report with a double-digit growth comes during the pandemic where other manufacturers have either reported a decline in sales or profits.

While iPhone sales rose only by 1.66 percent, generating a total revenue of $26.42 billion in Q3 2020, iPad and Mac saw double-digit growth. 

Mac sales brought in $7 billion, up from $5.8 billion in the YoY, while ‌iPad‌ sales brought in $6.5 billion, up from $5 billion in the same quarter last year. Apple’s Others category, which includes AirPods and the Apple Watch, grew over 16 percent from the same quarter in 2019. 

“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,” Apple CEO Tim Cook said.

Soon after the results were announced, Apple shares jumped more than six percent in trading.