Apple Turns in Record

Apple released its earnings report for the June quarter, and it was good news coming out of Cupertino.

Apple smashed its previous June quarter results, thanks to strong growth in both Products and Services.

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Tim Cook, Apple’s CEO. “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. This is a challenging moment for our communities, and, from Apple’s new $100 million Racial Equity and Justice Initiative to a new commitment to be carbon neutral by 2030, we’re living the principle that what we make and do should create opportunity and leave the world better than we found it.”

“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s CFO. “The record business results drove our active installed base of devices to an all-time high in all of our geographic segments and all major product categories. We grew EPS by 18 percent and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.”

In addition to its strong results, Apple announced a four-for-one stock split. The goal is to make Apple’s stocks more accessible to a wider array of investors.

Under normal circumstances this would be an excellent quarter. Under the cloud of the global pandemic, the results are nothing short of spectacular.