EARNINGS: Apple reports a historically strong quarter, including $59.7 billion in revenue and double-digit growth in its products and services segments. $AAPL
Services revenue:"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," CEO Tim Cook said in a statement.
Apple's business is highly seasonal, and its revenue was the highest the company has ever reported in its third quarter, typically the slowest of the year for Apple. Revenue was up nearly 11% year over year, and every major product line saw year-over-year growth. Services were up 14.85% year over year, and Apple remains on pace to hit its target of $50 billion in services sales this year.
Here's how the company fared by product line, compared with expectations based on Refinitiv consensus estimates:$7.08 billion vs. $6.06 billion est.any of Apple's products can be useful to people who are quarantined at home during the ongoing pandemic. While iPhone sales only rose 1.66% year over year, other product categories saw huge growth. iPad sales were up over 31% and other products, including AirPods and Apple Watch, were up 16.74%.
Apple's stock split is the company's fifth in its history. It previously split on a 7-1 basis in 2014, and a 2-1 basis in 2005, 2000, and 1987. Apple also declared a $0.82 cash dividend payable on August 13.Correction: This story has been updated to correct that Apple's Wearables, Home and Accessories category revenue rose 16.74% during the company's third quarter.
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