All is well for Apple, which displays iron health despite the pandemic

Sylvie Claire / July 31, 2020

 

Apple largely thwarted market expectations by announcing Thursday an 11% year-on-year growth in revenues in the third quarter of its lagged fiscal year, to $ 59.7 billion, visibly little affected by the repercussions of the Covid-19 pandemic.

 

The company also announced a stock split to make the stock accessible to a wider range of investors while making it less expensive.

 

Apple gave the lie to analysts' predictions, who believed that the company’s activity would slow significantly due in part to the closure of stores with containment measures around the world. But it has posted impressive growth both for its product revenues (+ 10%) and for its services (+ 15%).

 

“In times of uncertainty, this performance is a testament to the important role our products play in the lives of our customers and Apple’s relentless innovation,” said Apple boss Tim Cook.

 

Sales of iPhones, Macs, iPads and various accessories (including AirPods wireless earbuds) all generated significantly higher sales compared to the same period last year. Net profit stood at $ 11.3 billion against just under $ 9 billion expected by analysts.

 

Reported by shares and adjusted for one-time items, it stood at $ 2.58 per share, well above the market's predicted $ 2.05.

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