At the end of the financial conference Q3 2020, the CEO of Apple Tim Cook and Chief Financial Officer Luca Maestri have issued the usual and interesting statements to reporters about the performance of Apple and on the individual products.

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Apple has recorded revenues of eur 59.7 billion dollars in the third fiscal quarter of 2020, far exceeding the expectations of Wall Street (51,47 billion), who feared the effects of the pandemic COVID-19. The revenue of the company, however, increased by 10.9% compared to the same quarter of 2019, equal to € 53.8 billion dollars.

The more interesting shared by Tim Cook and Luca Maestri

Earnings and shares

  • Apple has announced a stock split 4:1 for 24 August. The last stock split was carried out six years ago, (7:1). This choice will make the Apple shares more accessible to a broader base of investors.
  • The gross margin increased by 12.1%, the operating expenses increased 10.4%, the operating revenues sono increased by 13.4%, thenet profit increased by 12%
  • This is the third-best quarter Apple’s ever, and has exceeded even the quarter of christmas 2014
  • After the publication of the results, the value of Apple shares has increased to$ 24 for coming to the record figure of 408,40$
  • More than $ 21 billion returned to shareholders in the quarter; $ 10 billion in repurchases
  • Given the uncertainty caused by the pandemic, have not been issued a forecast or guidance for the next quarter

Tim Cook has released this statement: “What makes us proud as a company is not simply what we did but how we did it“. Luca Masters: “This quarter is a sort of testament to what Apple has done and may do in the future“.

Apple services

  • Record revenue for Apple’s Music and App Store
  • Apple TV+ has received 95 nominations and 25 awards in the various competitions dedicated to series, movies and documentaries
  • Apple has achieved the goal set in the year 2016 to double the income of Services, with as much as six months ahead of expectations
  • The subscriptions to the payment of all the services Apple have reached the total figure of 550 million, an increase of 130 million compared to 2019
  • The productions Apple TV+ will experience some slow down because COVID-19
  • Apple is expected to exceed 600 million subscribers paying by the end of 2020


  • Record all-time in the quarters of June, the sales of Mac, wearable, and services
  • The unit only “wearable” Apple has the size of a company, “Fortune 140”
  • Apple speaks of the good sales for new MacBook Pro 13″ and MacBook Air recently released
  • The customer satisfaction for the Mac has reached 96%; on the iPad you get to 97%
  • About half of the purchases of the Mac in the quarter coming from new users
  • When there is still a whole quarter, the sales volume in dollars for the first three quarters of the 2020 is higher than the whole year 2014
  • The trade-in is becoming more and more an option chosen by the user for the purchase of new Apple products
  • Tim Cook said that the revenue from the iPhone are larger than expected
  • iPhone IF has convinced many more Android users than other Apple models in 2019. Apple has manufactured this smart phone “for people who wanted a smaller device“.
  • Excellent growth in China for the sales of the iPhone, thanks largely to the iPhone 11
  • The revenue in China increased by 1.9% year-on-year, with a total of 9.22 billion us dollars
  • In China, 2 customers on 3 who have purchased an iPad in the quarter had never chosen an Apple tablet in the past
  • Thelearning remote is positively in the sales of Mac and iPad, while it can have a negative impact on the iPhone and wearable devices
  • Despite the excellent results, the sales of the iPhone and the wearable Apple are affected by the closure of the store in various parts of the world. Tim Cook: “online sales grow, but this growth does not compensate for the losses due to the closure of physical stores“.
  • The sales of the Mac have led to 7 billion dollars, an increase compared to 5.8 billion in the quarter a year earlier, while sales of the iPad have led to $ 6.5 billion, an increase compared to the 5 billion in the quarter of 2019. Smart working and home-study have contributed to the growing sales of these devices
  • Tim Cook has stated that these sales were achieved despite the supply constraints of the significant developments that have limited the availability of some iPad and Mac in the course of the last two months. The situation has now normalised, and for the coming quarters, we expect an even better performance.

Other news

  • For the growth of Apple’s products, two major objectives are education and customer services such as receiving of orders at the restaurant
  • The most recent WWDC has reached 22 million viewers only tuned in live. Apple has deployed three whole days of video during the WWDC 2020
  • Apple has worked with in the past two years, only to migrate to the new processors Apple Silicon
  • Most of the Apple employees will continue to work from home for all of the 2020
  • The technology Apple Silicon will not be supplied to other manufacturers
  • The donations program of Apple to combat the COVID 19 has had a negative financial impact on the company in the last six months. Despite the cost, Masters believes that “it is absolutely the right thing to do”
  • During the quarter, Apple has saved in terms of costs for travel of employees and senior executives, but has invested heavily to improve the infrastructure related to the smart working and meeting at a distance

The Q3 2020 Apple exceeded expectations, confirming that the company led by Tim Cook has managed to overcome this first phase of the economic crisis and health. We’ll see what will happen in the next two quarters.