Apple Reports 2Q 2020 Results: $11.2B Profit on $58.3B Revenue, All-Time Record for Services Revenue

Apple today announced financial results for the second fiscal quarter of 2020, which corresponds to the first calendar quarter of the year.

For the quarter, Apple posted revenue of $58.3 billion and net quarterly profit of $11.2 billion, or $2.55 per diluted share, compared to revenue of $58.0 billion and net quarterly profit of $11.6 billion, or $2.46 per diluted share, in the year-ago quarter.

Gross margin for the quarter was 38.4 percent, compared to 37.6 percent in the year-ago quarter, with international sales accounting for 62 percent of revenue. Apple also declared an increased quarterly dividend payment of $0.82 per share, up from $0.77. The dividend is payable on May 14 to shareholders of record as of May 11.

In addition to the increase in the dividend payment, Apple says it has authorized another $50 billion for share repurchases.

Apple in mid-February announced that it would not meet its previously announced financial guidance of $63–$67 billion in revenue for the March quarter due to the impact of the COVID-19 coronavirus, which at that time largely involved production and demand issues in China.

Apple did not issue revised guidance at the time, and the coronavirus epidemic of course quickly spread around the world, resulting in even more challenges for Apple as it closed its retail stores, told most of its employees to work from home, and experienced reduced consumer demand for many products amid economic uncertainty.

“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.”

Apple did not offer any guidance for the third quarter of fiscal 2020.

Apple will provide live streaming of its fiscal Q2 2020 financial results conference call at 2:00 PM Pacific, and MacRumors will update this story with coverage of the conference call highlights.

Conference call starts at 2:00 PM Pacific – No need to refresh

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