Apple Inc
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Information Technology : Technology Hardware, Storage & Peripherals | Large Cap Blend
Company profile

Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players. The Company sells a range of related software, services, accessories, networking solutions, and third-party digital content and applications. The Company's segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. The Americas segment includes both North and South America. The Europe segment includes European countries, India, the Middle East and Africa. The Greater China segment includes China, Hong Kong and Taiwan. The Rest of Asia Pacific segment includes Australia and the Asian countries not included in the Company's other operating segments. Its products and services include iPhone, iPad, Mac, iPod, Apple Watch, Apple TV, a portfolio of consumer and professional software applications, iPhone OS (iOS), OS X and watchOS operating systems, iCloud, Apple Pay and a range of accessory, service and support offerings.

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$122.04
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-0.9001 (-0.73%)
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122.86
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121.52
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Volume:
61,453,266

10-day average volume:
97,829,016
61,453,266

Apple Reports Fourth Quarter Results

1:30 pm ET October 29, 2020 (BusinessWire) Print

--Services and Mac revenue reach new all-time high

Apple(R) today announced financial results for its fiscal 2020 fourth quarter ended September 26, 2020. The Company 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."

"Our outstanding September quarter performance concludes a remarkable fiscal year, where we established new all-time records for revenue, earnings per share, and free cash flow, in spite of an extremely volatile and challenging macro environment," said Luca Maestri, Apple's CFO. "Our sales results and the unmatched loyalty of our customers drove our active installed base of devices to an all-time high in all of our major product categories. We also returned nearly $22 billion to shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time."

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.

Apple will provide live streaming of its Q4 2020 financial results conference call beginning at 2:00 p.m. PT on October 29, 2020 at apple.com/investor/earnings-call/. This webcast will also be available for replay for approximately two weeks thereafter.

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 expectations regarding the impact of the COVID-19 pandemic; anticipated revenue, gross margin, operating expenses, other income/(expense), and tax rate; plans for return of capital; and our goal of maintaining a net cash neutral position. 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.

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.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple's Media Helpline at (408) 974-2042.

(C) 2020 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

                                                                                                                        Apple Inc.
                                                                                                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
                                                                               (In millions, except number of shares which are reflected in thousands and per share amounts)
                                                                                                                    
                                                              Three Months Ended                                                                            Twelve Months Ended
                                             ------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------
                                     September 26,                        September 28,                         September 26,                         September 28,
                                                            2020                                                    2019                                                     2020                                                     2019
                                             --------------------------------                        --------------------------------                        ---------------------------------                        ---------------------------------
Net sales:                                                                                           
                                             $      50,149     $      51,529     $      220,747     $      213,883  
   Products
                                                    14,549            12,511             53,768             46,291  
   Services
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                    64,698            64,040            274,515            260,174  
      Total net sales (1)
Cost of sales:                                                                                       
                                                    35,197            35,238            151,286            144,996  
   Products
                                                     4,812             4,489             18,273             16,786  
   Services
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                    40,009            39,727            169,559            161,782  
      Total cost of sales
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                    24,689            24,313            104,956             98,392  
         Gross margin
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                  
Operating expenses:                                                                                  
                                                     4,978             4,110             18,752             16,217  
      Research and development
                                                     4,936             4,578             19,916             18,245  
      Selling, general and administrative
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                     9,914             8,688             38,668             34,462  
         Total operating expenses
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                  
Operating income                                    14,775            15,625             66,288             63,930  
Other income/(expense), net                            126               502                803              1,807  
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Income before provision for income taxes            14,901            16,127             67,091             65,737  
Provision for income taxes                           2,228             2,441              9,680             10,481  
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Net income                                   $      12,673     $      13,686     $       57,411     $       55,256  
                                             ====== ====== ====================                      ====== ====== ====================                      ====== ======= ====================                      ====== ======= ====================
                                                                                  
Earnings per share:                                                                                  
                                             $        0.74     $        0.76     $         3.31     $         2.99  
      Basic
                                             $        0.73     $        0.76     $         3.28     $         2.97  
      Diluted
Shares used in computing earnings per share:                                                         
                                                17,057,622        17,963,249         17,352,119         18,471,336  
      Basic
                                                17,256,521        18,081,493         17,528,214         18,595,651  
      Diluted
                                                                                  
(1) Net sales by reportable segment:                                                                 
                                             $      30,698     $      29,322     $      124,556     $      116,914  
      Americas
                                                    16,900            14,946             68,640             60,288  
      Europe
                                                     7,946            11,134             40,308             43,678  
      Greater China
                                                     5,023             4,982             21,418             21,506  
      Japan
                                                     4,131             3,656             19,593             17,788  
      Rest of Asia Pacific
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                             $      64,698     $      64,040     $      274,515     $      260,174  
         Total net sales
                                             ====== ====== ====================                      ====== ====== ====================                      ====== ======= ====================                      ====== ======= ====================
                                                                                  
(1) Net sales by category:                                                                           
                                             $      26,444     $      33,362     $      137,781     $      142,381  
      iPhone
                                                     9,032             6,991             28,622             25,740  
      Mac
                                                     6,797             4,656             23,724             21,280  
      iPad
                                                     7,876             6,520             30,620             24,482  
      Wearables, Home and Accessories
                                                    14,549            12,511             53,768             46,291  
      Services
                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                                                                                    Apple Inc.
                                                                                                                 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
                                                                                               (In millions, except number of shares which are reflected in thousands and par value)
                                                                                                                                                                    September 26,                                September 28,
                                                                                                                                                                                           2020                                                            2019
                                                                                                                                                                        ----------------------------------------                        ----------------------------------------
                                                                                                                                      ASSETS:
Current assets:                                                                                                                                                                                    
                                                                                                                                                                        $              38,016     $              48,844  
   Cash and cash equivalents
                                                                                                                                                                                       52,927                    51,713  
   Marketable securities
                                                                                                                                                                                       16,120                    22,926  
   Accounts receivable, net
                                                                                                                                                                                        4,061                     4,106  
   Inventories
                                                                                                                                                                                       21,325                    22,878  
   Vendor non-trade receivables
                                                                                                                                                                                       11,264                    12,352  
   Other current assets
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      143,713                   162,819  
      Total current assets
                                                                                                                                                                                
Non-current assets:                                                                                                                                                                                
                                                                                                                                                                                      100,887                   105,341  
   Marketable securities
                                                                                                                                                                                       36,766                    37,378  
   Property, plant and equipment, net
                                                                                                                                                                                       42,522                    32,978  
   Other non-current assets
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      180,175                   175,697  
      Total non-current assets
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                        $             323,888     $             338,516  
         Total assets
                                                                                                                                                                        ========== ========== ====================                      ========== ========== ====================
                                                                                                                                                                                
                                                                                                         LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:                                                                                                                                                                               
                                                                                                                                                                        $              42,296     $              46,236  
   Accounts payable
                                                                                                                                                                                       42,684                    37,720  
   Other current liabilities
                                                                                                                                                                                        6,643                     5,522  
   Deferred revenue
                                                                                                                                                                                        4,996                     5,980  
   Commercial paper
                                                                                                                                                                                        8,773                    10,260  
   Term debt
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      105,392                   105,718  
         Total current liabilities
                                                                                                                                                                                
Non-current liabilities:                                                                                                                                                                           
                                                                                                                                                                                       98,667                    91,807  
   Term debt
                                                                                                                                                                                       54,490                    50,503  
   Other non-current liabilities
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      153,157                   142,310  
      Total non-current liabilities
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                      258,549                   248,028  
         Total liabilities
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                
Commitments and contingencies                                                                                                                                                                      
                                                                                                                                                                                
Shareholders' equity:                                                                                                                                                   
                                                                                                                                                                                       50,779                    45,174  
   Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,976,763 and 17,772,945 shares issued and outstanding, respectively
                                                                                                                                                                                       14,966                    45,898  
   Retained earnings
                                                                                                                                                                                        (406)                     (584)  
   Accumulated other comprehensive income/(loss)
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                                                                                                                       65,339                    90,488  
      Total shareholders' equity
                                                                                                                                                                        --------------------  --------------------                      --------------------  --------------------
                                                                                   Apple Inc.
                                                           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
                                                                                  (In millions)
                                                                               
                                                                                                     Twelve Months Ended
                                                                                  ----------------------------------------------------------------------------------------
                                                                           September 26,                          September 28,
                                                                                                  2020                                                      2019
                                                                                  ----------------------------------                        ----------------------------------
Cash, cash equivalents and restricted cash, beginning balances                    $        50,224     $        25,913  
                                                                                  ------- ------- --------------------                      ------- ------- --------------------
Operating activities:                                                                                  
                                                                                           57,411              55,256  
   Net income
                                                                                                       
   Adjustments to reconcile net income to cash generated by operating activities:
                                                                                           11,056              12,547  
      Depreciation and amortization
                                                                                            6,829               6,068  
      Share-based compensation expense
                                                                                            (215)               (340)  
      Deferred income tax benefit
                                                                                             (97)               (652)  
      Other
                                                                                                       
   Changes in operating assets and liabilities:
                                                                                            6,917                 245  
      Accounts receivable, net
                                                                                            (127)               (289)  
      Inventories
                                                                                            1,553               2,931  
      Vendor non-trade receivables
                                                                                          (9,588)                 873  
      Other current and non-current assets
                                                                                          (4,062)             (1,923)  
      Accounts payable
                                                                                            2,081               (625)  
      Deferred revenue
                                                                                            8,916             (4,700)  
      Other current and non-current liabilities
                                                                                  --------------  --------------------                      --------------  --------------------
                                                                                           80,674              69,391  
         Cash generated by operating activities
                                                                                  --------------  --------------------                      --------------  --------------------
Investing activities:                                                                                  
                                                                                        (114,938)            (39,630)  
   Purchases of marketable securities
                                                                                           69,918              40,102  
   Proceeds from maturities of marketable securities
                                                                                           50,473              56,988  
   Proceeds from sales of marketable securities
                                                                                          (7,309)            (10,495)  
   Payments for acquisition of property, plant and equipment
                                                                                          (1,524)               (624)  
   Payments made in connection with business acquisitions, net
                                                                                            (210)             (1,001)  
   Purchases of non-marketable securities
                                                                                               92               1,634  
   Proceeds from non-marketable securities
                                                                                            (791)             (1,078)  
   Other
                                                                                  --------------  --------------------                      --------------  --------------------
                                                                                          (4,289)              45,896  
         Cash generated by/(used in) investing activities
                                                                                  --------------  --------------------                      --------------  --------------------
Financing activities:                                                                                  
                                                                                              880                 781  
   Proceeds from issuance of common stock
                                                                                          (3,634)             (2,817)  
   Payments for taxes related to net share settlement of equity awards
                                                                                         (14,081)            (14,119)  
   Payments for dividends and dividend equivalents
                                                                                         (72,358)            (66,897)  
   Repurchases of common stock
                                                                                           16,091               6,963  
   Proceeds from issuance of term debt, net
                                                                                         (12,629)             (8,805)  
   Repayments of term debt
                                                                                            (963)             (5,977)  
   Repayments of commercial paper, net
                                                                                            (126)               (105)  
   Other
                                                                                  --------------  --------------------                      --------------  --------------------
                                                                                         (86,820)            (90,976)  
         Cash used in financing activities
                                                                                  --------------  --------------------                      --------------  --------------------
Increase/(Decrease) in cash, cash equivalents and restricted cash                        (10,435)              24,311  
                                                                                  --------------  --------------------                      --------------  --------------------
Cash, cash equivalents and restricted cash, ending balances                       $        39,789     $        50,224  
                                                                                  ======= ======= ====================                      ======= ======= ====================
Supplemental cash flow disclosure:                                                                     
                                                                                  $         9,501     $        15,263  
   Cash paid for income taxes, net

View source version on businesswire.com: https://www.businesswire.com/news/home/20201029006236/en/

SOURCE: Apple Inc.

Apple
Press Contact: 
Kristin Huguet Quayle, (408) 974-2414
khuguet@apple.com 

Investor Relations Contact: 
Tejas Gala, (669) 227-2402
tgala@apple.com
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