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Apple Announces Q2 2020 Earnings: $11.2B Profit And $58.3B Revenue

Apple has released quarterly earnings for the second quarter of its fiscal year 2020 which ended on 28 March 2020. The Company reported quarterly revenue of $58.3 billion, an increase of 1% over the previous quarter, a net quarterly profit of $11.2 billion, and quarterly earnings per diluted share of $2.55, an increase of 4 percent. International sales accounted for 62% of the quarter’s revenue.

Apple CEO Tim Cook:

“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.”

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Apple CFO Luca Maestri:

“We are proud of our Apple teams around the world and how resilient our business and financial performance has been during these challenging times,” said Luca Maestri, Apple’s CFO. “Our active installed base of devices reached an all-time high in all of our geographic segments and all major product categories. We also generated operating cash flow of $13.3 billion during the quarter, up $2.2 billion over a year ago. We are confident in our future and continue to make significant investments in all areas of our business to enrich our customers’ lives and support our long-term plans — including our five-year commitment to contribute $350 billion to the United States economy.”

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

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