Apple stock soars

Apple has beaten the pandemic blues as the stocks of the company have soared with a revenue of $59.7 billion and profit of $11.25 billion for its fiscal 2020 third quarter ended June 27. This compares to $53.8 billion in revenue and $10.04 billion profit reported in the same quarter last year. There is a rise of 11 percent from last year’s quarter, as the sales of the iPhone have gone beyond the estimates of Wall Street. Effective from August 31st, the board of directors of Apple has approved a four-for-one stock split. 60% of the revenue in this quarter has been accounted for International sales. As has become customary, the unit sales of Apple are not reported for any of its hardware products. Instead, it reports a breakdown of revenue by product category. Here is the revenue for fiscal Q3 2020:

  • iPhone: $26.4 billion (Up 1.66% YOY)
  • iPad: $6.6 billion (Up 31.04% YOY)
  • Mac: $7.8 billion (Up 21.63% YOY)
  • Wearables, Home and Accessories: $6.5 billion (Up 16.74% YOY)
  • Services vertical (App Store, Apple Music and iCloud, etc.): $13.2 billion (Up 14.85% YOY)

Apple Stock Soars

Such strong results took the stock of the company up to as high as 6.3% in extending trading, which pushed the stock above $400 for the first time. There was quite a bit of agreement among the analysts that the results of Q3 are not going to be that important looking at the COVID-19 pandemic scenario. Some of the firms like Morgan Stanley had the expectation that Apple would beat the expected with the better-than-expected product sales that people had driven needing new technology for the work from home. While banks such as Goldman Sachs expected the opposite with the prediction that Apple would disappoint, and simply it is risky to buy AAPL stock. They also did the prediction that Apple would not release any guidance for Q4 2020, and that turned out to be the case.

Apple CEO Tim Cook had the following to say about Apple’s Q3 2020 performance: “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. 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.”

Apple Stock Soars

CFO Luca Maestri added: “Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times. The record business results drove our active installed base of devices to an all-time high in all of our geographic segments and all major product categories. We grew EPS by 18% and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.”

Apple’s board of directors has also declared a cash dividend of $0.82 per share and announced a four-for-one stock split: The Board of Directors has also approved a four-for-one stock split to make the stock more accessible to a broader base of investors. Each Apple shareholder of record at the close of business on August 24, 2020, will receive three additional shares for every share held on the record date, and trading will begin on a split-adjusted basis on August 31, 2020.

The analysts had expected store closures, and other difficulties because of the pandemic which would negatively impact the revenue of Apple and earnings per share (EPS), with consensus estimates of around 3% year-over-year drops. This would have reflected a fall from the 2019 revenue record of $53.8 billion to $52.25 billion for the third fiscal quarter of 2020 with an EPS drop from $2.18 to $2.04. But now it has become a patter, Apple beat the estimates handily. Year over year, revenues grew from $25.056 billion to $27.018 billion in the Americas, $11.925 billion to $14.173 billion in Europe, and $9.157 billion to $9.329 billion in Greater China.

Apple Stock Soars

They also went from $4.082 billion to $4.966 billion in Japan and from $3.589 billion to $4.199 billion in the Asia Pacific region. There were no huge new Apple product releases in the third fiscal quarter, but there was the release of:

  • 2020 iPhone SE
  • Magic Keyboard-updated version of the 13-inch MacBook Pro
  • Magic Keyboard for iPad Pro, following late second-quarter
  • Updates to the MacBook Air and iPad Pro, all of which contributed revenue tallies of the quarter.

In late June, the main focus of the annual WWDC developers conference of Apple was the software. The major new hardware updates were pointed across several of its devices’ families during the next two quarters. Only the major milestones of the company have been revealed, as Apple no longer discloses unit sales for any of its product lines. The company will split each share by 4:1 to make the stock more accessible to a broader base of investors with the $385 per share range of Apple stock price.

As of August 24, 2020, the split will be based on shares held, and on the 31st of August, the trading under the new price will take place. There is also an offering of a $0.82 cash dividend per share to the shareholders of Apple as of the close of business on the 10th of August, 2020.

Share this post on

Start Your Free Trial


Continued support

I would like to thank you for your continued support. I’m so glad everything turned out well. I owe you one.

Vishal Savadiya

Prompt service

George was outstanding; he fixed my issue within a couple of minutes and got me back to work! Thank you for such prompt service!

Lyndsey Chapman

Best tech support

Your tech person resolved this issue to the best of my satisfaction. He is very knowledgeable, helping and nice person. Thank you for this help.

Bipin Bhatt
KB Accounting & Tax Services

Exceptional service

I appreciate the exceptional service that Duke Williams always provided us at JS Morlu. He is patient, knowledgeable and extremely helpful.

John S. Morlu
Global Managing Partner

Quick response

As always, It was a very positive experience having your technician solve the issue we were currently experiencing.

Brad Pollack
Retail Service Options

Kristi PArker

Was assisted with permission setting, easy process. Thank you.

Origin Books

Mary L Zembruski

They have always promptly resolved any issues I have contacted them about.

Wilson Landscaping

Christopher Hutzel

Easy of working and very helpful

Christopher Hutzel
Compactor Service

Mandy Leong

Great customer service

Mandy Leong
Managed Staffing

Taylor Hill

Not a problem since I started years ago. Support is amazing and couldn’t be quicker. Just tonight, I emailed them and within 1 hour David helped me through an issue and resolved it as quick as I could have asked. Glad I found these guys.

Taylor Hill
Hill Tax, Payroll & Bookkeeping

Serina McCoy

Service was very quick to resolve the issue we had with logging in. Michael Olson emailed and called with in a few minutes on realizing we had an issue and had us back up and working quickly.

Serina McCoy
Gilberts Mobile Service

Mark Tevrucht

thank you reason for stars is my opion nothing is perfect

Mark Tevrucht

Nancy Evans

Easy to work with Aaron.

Nancy Evans
Nancy P Evans CPA PC

Tom Cloninger

Excellent service! Very responsive!

Tom Cloninger
RAN Accounting & Consulting

Rich Durso

Anderson solved my issue quickly and efficiently!

Rich Durso

Juli Hale

We’ve been very happy with the service so far. I would highly recommend Sagenext for hosting QuickBooks and other software. Thank you Michael Olson!

Juli Hale
Vico Plastics, Inc.

Nabila Qureshi

Great Customer service and support. Will highly recommend Aaron was very helpful and knowledgeable

Nabila Qureshi
Tax King USA Inc

Yelena V Moshkovsky

Great service with persistence to solve the issue and easy to reach. Anderson was a lot of help with my remote desktop issue.

Yelena V Moshkovsky
Supporting Strategies

IT Director

Sage Next have been great. We moved from 2 other quickbooks hosting providers to SageNext because it is the fastest server we could find which makes working on it much easier for our team. That plus their team is always available and very helpful!

IT Director
American Foods


Very happy with the functionality of the hosted environment and excellent customer service. A human always answers the phone quickly and is always knowledgeable and resolve any issue quickly. Thank you Michael and your support team.


Cristen Rolen

Worst support team who are getting more time ever.

Cristen Rolen
Cristen CPA Firms


Aaron was extremely helpful, and resolved my issue quickly and professionally. Sagenext hosting services has been reliable, and support has always been great.

Zigo Associates

Peg Kelly

Michael Olson was very helpful, professional, knowledgeable and kind. He’s a keeper should have more employees like him. Highly recommend Sagenext.

Peg Kelly
All Star Therapy

Jon Graff

Support has been terrific, every time I’ve had issues I’ve been able to get help quickly which has resolved any issues. Michael Olson recently helped me resolve a backup issue. Thank you Sagenext

Jon Graff
The Reason Foundation


Prompt support when needed!

The College Music Society


Sage is wonderful! Aaron was an incredible help to me!

Elfand & assoc


Thank you so much! I use Quickbooks on their servers and they are very helpful for all my computer needs. Thank you Michael for your great support.


Gwendolyn Terrell

Customer Service was great they was able to fix the issue in a timely matter.

National Tax Center


Free Trial

Sagenext Trial