Gadgets giant, Apple, yesterday announced its financial results for the second quarter of 2020 fiscal year, which ended on March 28, with a posting of $58bn. This indicates an increase of one per cent during the same period a year ago, and quarterly earnings per diluted share of $2.55 showing an increase of four per cent.
This is despite the outbreak of the coronavirus pandemic and its health and economic impact, yet the company’s growth was driven by a record all-time rise in service-offerings “and a quarterly record for wearables” which rose from $5.1bn to $6.3bn
According to a statement by the Chief Executive Officer, Tim Cook, international sales accounted for a large percentage share of its Q2 revenues.
The board of directors declared a cash dividend of $0.82 per share of the company’s common stock. This is a six per cent increase. It also authorised an increase of $50bn to the existing share repurchase programme.
Cook admitted that the company felt motivated to keep churning out innovation, disclosing that they would continue to give back especially to support the fight to curb the continued spread of COVID-19.
His words, “Despite COVID-19’s unprecedented global impact, we are proud to report that Apple grew for the quarter, driven by an all-time record in services and a quarterly record for wearables.
“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 millions we’ve donated to organisations like Global Citizens and America’s Food Fund.”
Apple, in its Q2 report, generated $13.3bn in operating cash flow, representing a $2.2bn rise in the same period last fiscal year. Purchases of its services rose from $11.5 to $13.3bn. With the iPhone remaining its cash cow, it raked in $29bn in sales revenue, which is over a $2bn increase from the same period in 2019.
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