Apple reports $59.7 billion revenue in Q3 2020, strong iPhone revenue

The tech giant reported services revenue of $13.1 billion

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Apple has posted Q3 2020 revenue of $59.7 billion (roughly $80.1 billion CAD), which is an 11 percent year-over-year increase, beating analyst expectations.

The tech giant continued to see growth in its services revenue, as it reached $13.1 billion USD (roughly $17.7 billion CAD), compared to the $11.4 billion USD (roughly (roughly $15.3 billion CAD) reported in the same quarter a year ago.

The company’s services category includes the App Store, iCloud and Apple Music, as well as more recently launched platforms like Apple Arcade and Apple TV+.

iPhone revenue increased to $26.4 billion USD (about $35 billion CAD) compared to $25.9 billion USD (roughly $34 billion CAD) a year ago.

Mac revenue increased to $7 billion USD (about $9.3 billion CAD) from the $5.8 billion USD (about $7.7 billion CAD) reported a year ago. Apple also saw increases in its iPad and wearables revenue as well.

The tech giant’s most recently released iPhone is the entry-level iPhone SE (2020). Apple also released a new MacBook Air (2020) and the iPad Pro (2020).

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Tim Cook, Apple’s CEO, in the earnings release.

“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.”

Recent rumours have indicated that the tech giant’s upcoming 2020 iPhone may be delayed due to the ongoing COVID-19 pandemic.

Source: Apple

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