Apple’s Q3 2020 earnings show big increase in iPad revenue

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Earnings season is officially underway, and today Apple reported the results of its fiscal Q3 2020 quarter.

Apple says that iPhone revenue grew to $26.4 billion in Q3 2020 (April to June), up from $26.0 billion in Q3 2019. iPad revenue grew, too, increasing from $5.0 billion in the year-ago quarter to $6.6 billion in Q3 2020. Apple launched its new iPad Pro at the end of March, so that may have helped give iPad revenue a boost this quarter along with many people moving to work from home.

Wearables, Home, and Accessories revenue also grew this past quarter, increasing almost $1 billion year-over-year to finish at $6.5 billion in Q3 2020. This category includes things like the Apple Watch, AirPods, cases, and so on.

Apple’s Services category continued to grow as well. In Q3 2020, Apple earned $13.2 billion in revenue from Services, which includes Apple Music, AppleCare, and the App Store. To compare, the Services category brought in $11.5 billion in revenue in Q3 2019.

Finally, the Mac had itself a solid quarter, too, growing from $5.8 billion in revenue in Q3 2019 to $7.1 billion in Q3 2020.

Apple brought in a total of $59.7 billion in Q3 2020, an increase of 11% year-over-year and a new record for the June quarter. Net income for the quarter of $11.25 billion.

Here’s what Apple CEO Tim Cook had to say about his company’s Q3 2020 results:

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments. 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.”

Apple will host a call to discuss its Q3 2020 results at 2:00 pm PT/5:00 pm ET. As usual, we’ll be listening in and will report back with any interesting information that Tim Cook and Co. have to share.

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