Apple annual report 2020 presentation

Apple Reports Third Quarter Results

Revenue up 36 percent to new June quarter record

Services revenue reaches new all-time high

Consolidated Financial Statements

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plans for the payment of its quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: the effect of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, and stock price; the effect of global and regional economic conditions on the Company’s business, including effects on purchasing decisions by consumers and businesses; the ability of the Company to compete in markets that are highly competitive and subject to rapid technological change; the ability of the Company to manage frequent introductions and transitions of products and services, including delivering to the marketplace, and stimulating customer demand for, new products, services, and technological innovations on a timely basis; the effect that shifts in the mix of products and services and in the geographic, currency, or channel mix, component cost increases, increases in the cost of acquiring and delivering content for the Company’s services, price competition, or the introduction of new products or services, including new products or services with higher cost structures, could have on the Company’s gross margin; the dependency of the Company on the performance of distributors of the Company’s products, including cellular network carriers and other resellers; the risk of write-downs on the value of inventory and other assets and purchase commitment cancellation risk; the continued availability on acceptable terms, or at all, of certain components, services, and new technologies essential to the Company’s business, including components and technologies that may only be available from single or limited sources; the dependency of the Company on manufacturing and logistics services provided by third parties, many of which are located outside of the US and which may affect the quality, quantity, or cost of products manufactured or services rendered to the Company; the effect of product and services design and manufacturing defects on the Company’s financial performance and reputation; the dependency of the Company on third-party intellectual property and digital content, which may not be available to the Company on commercially reasonable terms or at all; the dependency of the Company on support from third-party software developers to develop and maintain software applications and services for the Company’s products; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations worldwide, which expose the Company to potential liabilities, increased costs, and other adverse effects on the Company’s business; the ability of the Company to manage risks associated with the Company’s retail stores; the ability of the Company to manage risks associated with the Company’s investments in new business strategies and acquisitions; the impact on the Company’s business and reputation from information technology system failures, network disruptions, or losses or unauthorized access to, or release of, confidential information; the ability of the Company to comply with laws and regulations regarding data protection; the continued service and availability of key executives and employees; political events, international trade disputes, war, terrorism, natural disasters, public health issues, and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of the Company’s investment portfolio; and changes in tax rates and exposure to additional tax liabilities. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

About Apple

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

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Notes of interest from Apple’s Q4 2020 and annual earnings report

AppleInsider is supported by its audience and may earn commission as an Amazon Associate and affiliate partner on qualifying purchases. These affiliate partnerships do not influence our editorial content.

Apple has published its fourth fiscal quarter of 2020 results, breaking all of the company’s fourth fiscal quarter records. Here are some notes of interest from the report, including remarks from Apple CEO Tim Cook and Chief Financial Officer Luca Maestri surrounding the particulars of the report.

Apple’s third fiscal quarter of 2020 earnings

On Thursday afternoon, Apple posted record September quarter revenue of $64.7 billion and quarterly earnings per diluted share of $0.73. International sales accounted for 59 percent of the quarter’s revenue.

«Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services,» said Tim Cook, Apple’s CEO. «Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive. From remote learning to the home office, Apple products have been a window to the world for users as the pandemic continues, and our teams have met the needs of this moment with creativity, passion, and the kinds of big ideas that only Apple can deliver.»

Apple’s Board of Directors has declared a cash dividend of $0.205 per share of the Company’s common stock. The dividend is payable on November 12, 2020 to shareholders of record as of the close of business on November 9, 2020.

While the company fell slightly short of the street’s iPhone sales dollar value estimate, it exceeded Services, Wearables, Mac, and iPad revenue. Apple’s iPhone 12 didn’t launch during the last quarter, and zero sales of the device were realized, versus every other quarter for the last seven years having at least some revenue from that year’s flagship release.

While Apple has recently launched new iPad lines, such as the fourth-generation iPad Air, only the 10.2-inch iPad was released at the end of the period, and it is unlikely to have made much of a dent in the quarter. Apple reports iPad revenue was $6.8 billion in revenue for the period, up year-on-year from last year’s $4.66 billion figure.

The Mac segment had one prominent launch in the quarter, with the 27-inch 5K iMac updated in August. For the quarter, Apple reports Mac revenue at $9 billion, up from $6.99 billion last year.

The Wearables, Home, and Accessories category is likely to have enjoyed a few short weeks of extra sales from the launch of the Apple Watch Series 6 and Apple Watch SE, which both shipped shortly after their mid-September launches. The category reports revenue of $7.9 billion, continuing its year-on-year uptick from last year of $6.52 billion.

China, an important region of growth for the tech giant, generated $7.9 billion in sales, down significantly from the $11.1 billion notched in the year-ago period.

AppleInsider interpretations of the results and observations are notated by initials at the end of the statement.

Highlights from the earnings report, and the following conference call

• Apple has not announced guidance for the holiday quarter.
• Cook said that there was a «sufficient level of uncertainty» to not do so
• On the iPhone 5G, Cook said that the release is a «one-in-a-decade» opportunity, with a loyal customer base primed to update
• Apple One is coming on Friday, according to Maestri, with Fitness arriving «in the fall»
• Apple fell to 110.85 at 4:42 PM ET, erasing Thursday’s gains — MW
• iPhone 12, iPhone 12 Pro launching in South Korea, India and 12 other countries on October 30
• Apple has returned nearly $22 billion to investors during the quarter

• 5:04 PM ET and the call has not yet started. Indications of technical problems
• Call begins, 5:05 PM ET
• Cook: «Apple remains relentlessly focused on what it does best.
• Cook: «Stronger than expected iPhone and services performance.»
• September quarter records for Americas, Europe, most of Asia-Pacific
• Greater China most heavily impacted by no iPhone in the quarter, but still beat internal expectations for the region
• Cook: COVID-19 «Pushed us to reimagine every part of the innovation process»
• Cook: In the year, Apple has sourced and donated millions of facemasks, manufactured millions of face shields
• Cook: 9 out of 10 of the largest school districts Apple has ever serviced built out in 2020, supporting over a million teachers and students
• No meaningful color or context regarding sales volumes for the iPhone 12 family
• Cook confirms reports of Apple One bundle launching on Friday
• Maestri: «Extremely challenging macro market» in the quarter
• Maestri reiterates that there was no iPhone launch in the quarter.
• Street is looking for $100B from Apple on the holiday quarter — MW
• Maestri: Mac and iPad constrained for the entire quarter
• Seeing some squawking on social media about the earnings per share. Don’t forget the stock split! — MW
• Quarterly revenue is dramatically more than the 2014 holiday season — MW
• No real context on Apple TV+, Apple Card, Apple Arcade besides «contributing» to the Services revenue
• Paid subscriptions grew to 585 million in total across the entire platform, up 135 million from the YAQ
• 600 million paid subscription goal will be met well before the end of CY 2020
• Wearables alone the size of a Fortune 130 company (Apple Watch, AirPods in all forms)
• Mac «by far» a record in revenue, by $1.3 billion, even with quarter-long constraints
• iPad sales exceeded company internal expectations
• 10,000 sheets of paper per day saved by Zurich Insurance digitizing customer service workflows
• Air Canada reducing carbon footprint by 2200 tons annually by replacing flight bags with iPads
• Q: Shannon Cross — Cross Securities: What are the key drivers of 5G adoption?
• Cook: Collaborating with 100 carriers in 30 regions, «pervasive around the world»
• Q: Juriel Ong — Deutche Bank: Holiday seasonality beat typical 50%?
• Maestri: We’re not providing a range, reiterates bad compare because of iPhone launch timing, and COVID
• Maestri: «Bit early» for iPhone 12 sales data to be released
• Q: Is a hardware bundle coming?
• Cook: «We don’t have anything to announce today
• Cook: «People like to pay for hardware, or some substantial part of it, monthly
• Q: Katy Huberty — Morgan Stanley — «ASPs have been unchanged. What’s the margin on the iPhone 12?
• Maestri: Apple doesn’t provide that granularity per product.
• Q: Huberty: «Color on future services, and what’s here now, in regards to the Department of Justice suit
• Cook: Non-answer. «Lot of room there and potential there» for services growth.
• Q: Amit Daryani — Evercore «Are we entering an extensive period of iPhone revenue growth?»
• Cook: repeating «bullish» on iPhone sales, and repeating that Apple just launched four iPhone models
• Q: Daryani — «Are the 67% gross margins and growth rate on services sustainable
• Maestri — «We are growing» and gaining leverage on services. No real answer given.
• Maestri — «Quite confident about the trajectory we have for services.»
• Q: Samik Chatterjee — JP Morgan «Carrier subsidiaries — basically a repeat of a previous question
• Cook: Repeats previous information given in a previous question about Q4 iPhone quarterly sales
• Cook: «COVID in general takes something off from a worldwide economic point of view»
• Q: — Second wave of COVID possible. What are the thoughts for preparations for disruption?
• Cook: Express Apple Store keeps employees and customers safe, more phone support, doing things like Apple is doing now.
• Cook: Contingency plans and adaptations are working. Difficult to call, and there is an uncertainty
• Q: «How should we think about the different gross margin levels rolling into the holidays?»
• Maestri: «Improved mix» and iPhone 12 launch stagger reiterated
• Maestri: «Clearly every time we launch a new product the cost structure is higher.»
• Maestri: Foreign exchange not a major factor last quarter
• Q: Krish Sankar — Cowen: No real comment about payment ecosystem, please elaborate
• Cook: «Just a limited amount of things I can talk about, that’s why I didn’t talk about it.»
• Cook: «Contactless payment has taken on a different level of adoption, and I don’t think we’ll ever go back
• Q: Kyle McNeely — Jefferies — Will the iPhone meet demand in the quarter?
• Cook: «How long we will be supply constrained, there is no way to predict»
• Cook: Supply constrained on Mac, iPad, some Apple Watches
• Q: Any concern about supply constraint and large back-to-school consumer pullbacks?
• Cook: Reiterating previous guidance about growth in double-digits for holiday quarter
• Cook: «Normal will become something different» as a response to COVID and work from home and school
• Cook: iPads and Macs more important in these environments
• Q: Chris Caso — Raymond James «Potential implications for price changes in iPhone product lines
• Cook: «Deals that people are paying are really different» than retail
• AAPL at $109.19 at 6:02 PM ET, down from the $115.32 close — MW
• Q: Carrier incentives. Years past much larger, does this mark some shift as a response by carriers as we move into 5G
• Cook: «I don’t want to speak about our carrier partners»
• Cook: It is in the interest of carriers around the world to move customers to 5G. Customers’ interest as well.
• Call concludes 6:04 PM ET

Comments (7)

yojimbo007

These are fantastic results given the Covid environment and lack of iPhone 12 sales in the Q.
Crazy to see the stock drop. makes no sense.

22july2013

Most companies are hurt by health & economic crises (eg, tourism, restaurants, airlines, etc.) but some companies can be helped because their products assist in defeating the crisis. It seems to me that companies like Apple which provide tools that can help during a crisis (eg, webcams, online entertainment/movies/books) should be benefitting. So I was expecting more. Maybe that’s why their stock fell.

echosonic

The stock fell because of speculative dolts on Wall Street panicking that China revenue fell. during Covid. This is the buy opportunity of a lifetime. Wait until January’s report.

cloudguy

Apple’s strength in Macs, iPads and services was expected due to COVID-19. The stock went down due to the drop in revenue from China. That plus the lower iPhone sales — due to the late launch but still — explains it.

22july2013

You shouldn’t waste your time on this website if you can accurately predict any stock’s future trends and its reasons for its changes in valuations. You should and could be the next Warren Buffet. You should even buy with leverage. My words were written with plenty of uncertainty, which is different.

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