Apple has announced its quarterly financial results for fiscal Q2 2020, and as per the figures released by the company, it did better than last year despite the COVID-19 pandemic hurting sales and manufacturing operations. Apple posted a quarterly revenue of $58.3 billion, which is a 1% increase on a YoY basis against the same quarter in 2019.
The net quarterly profit stood at $11.2 billion, which amounts to a gain of $2.25 per diluted share. Apple also generated an operating cash flow of $13.3 billion in Q2 2020 (corresponding to the first calendar quarter of the year), which is an uptick of $2.2 billion compared to the same quarter last year. The cash dividend also rose 6% to $0.82 per share and it will be payable to shareholders on May 14, 2020.
To recall, Apple announced back in February that it won’t meet its earlier quarterly revenue guidance of $63–$67 billion for Q2 2020 due to the coronavirus pandemic disrupting production and sales. But despite the setback, Apples’s finances were unhurt and the company actually managed to grow in the fiscal quarter that ended on March 28, 2020.
However, the next quarter is going to be a mixed bag for the company. Apple says it expects the iPhone and wearable revenue to drop in Q3 2020. On the contrary, Apple predicts that iPad and Mac performance will go up in the next quarter as more people adopt them while working or learning from home.
“A part of it is probably the consumer behavior of knowing this is going to go on for a little while longer and, getting some devices and so forth lined up to work at home more. In particular, as I think Lucas shared, we believe that iPad and Mac are going to improve on a year over year basis during this quarter,” explained Apple CEO Tim Cook.