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Apple’s record quarter – revenues up despite the pandemic

The iTrain just keeps on rollin’. Apple has reported its third-quarter financial results, and despite a horrific few months for the world at large, it managed to beat expectations and record increased revenues across nearly every category.

Many businesses have struggled during the course of the Coronavirus pandemic, but in a way, it seems to have played into Apple’s hands. Despite closing its retail stores earlier in the year, Apple products have been selling like hotcakes.

Record sales numbers

Overall revenue for the quarter hit almost $60 billion – that’s an 11% growth over the same quarter in 2019 – with all major categories showing a year-on-year increase. That growth was pretty consistent around the world, too.

Apple’s star performer was the Mac, improving its revenue more than 20% since last year – perhaps unsurprising considering the legions of people working from home for the first time recently. The $7.1bn Mac sales still pale in comparison to the $26.4bn revenue from iPhone sales, but it’s the area showing the most growth.

“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,” says Tim Cook.

iPhone 12 delayed

Cook also confirmed the rumors that the iPhone 12 launch will be delayed this year, though he wouldn’t be pushed on details. Thanks to the pandemic’s effect on the manufacturing industry, this year’s models will be “a few weeks” late to the table. Apple may still reveal the lineup at its traditional September launch event, but it’s unlikely the new iPhones will be available until some time in October this year.

Apple has also declared a cash dividend of $0.82 per share to current shareholders, and a four-to-one stock split to help make the stock more accessible to a wider range of potential investors in the future.