Apple Inc (AAPL) 10-Q Quarterly Report April 2020

^® today announced financial results for its fiscal 2020 second quarter ended March 28, 2020. The Company posted quarterly revenue of $58.3 billion, an increase of 1 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.55, up 4 percent. International sales accounted for 62 percent of the quarter’s revenue.

“Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Tim Cook, Apple’s CEO. “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 the millions we’ve donated to organizations like Global Citizen and America’s Food Fund.”

“We are proud of our Apple teams around the world and how resilient our business and financial performance has been during these challenging times,” said Luca Maestri, Apple’s CFO. “Our active installed base of devices reached an all-time high in all of our geographic segments and all major product categories. We also generated operating cash flow of $13.3 billion during the quarter, up $2.2 billion over a year ago. We are confident in our future and continue to make significant investments in all areas of our business to enrich our customers’ lives and support our long-term plans — including our five-year commitment to contribute $350 billion to the United States economy.”

Apple’s board of directors has declared a cash dividend of $0.82 per share of the Company’s common stock, an increase of 6 percent. The dividend is payable on May 14, 2020 to shareholders of record as of the close of business on May 11, 2020. The board of directors has also authorized an increase of $50 billion to the existing share repurchase program.

Apple will provide live streaming of its Q2 2020 financial results conference call beginning at 2:00 p.m. PT on April 30, 2020 at www.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.

The following information was filed by Apple Inc (AAPL) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Apple Inc's 10-Q Quarterly Report:

Other - Other Highlight
In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which modifies the measurement of expected credit losses on certain financial instruments.

Financial - Earnings Highlight
Services gross margin increased during the second quarter and first six months of 2020 compared to the same periods in 2019 due primarily to higher Services net sales.
Financial - Earnings Highlight
Products gross margin increased during the first six months of 2020 compared to the same period in 2019 due primarily to higher Products volume and favorable Products mix, partially offset by the weakness in foreign currencies relative to the U.S. dollar and the impact of the COVID-19 pandemic.
Other - Other Highlight
See "The Company's business, results of operations, financial condition and stock price have been adversely affected and could in the future be materially adversely affected by the COVID-19 pandemic" in Part II, Item 1A of this Form 10-Q under the heading "Risk Factors."
Financial - Earnings Highlight
Services gross margin percentage increased during the second quarter and first six months of 2020 compared to the same periods in 2019 due primarily to a favorable Services mix and higher leverage, partially offset by higher Services costs.
Revenue - Product
Year-over-year iPhone net sales increased...Read more
Financial - Shares
During the six months ended...Read more
Financial - Earnings
Products and Services gross margin...Read more
Financial - Earnings
During the six months ended...Read more
Financial - Shares
As of March 28, 2020,...Read more
Financial - Shares
On April 30, 2020, the...Read more
Revenue - Product
Year-over-year Services net sales increased...Read more
Revenue - Geography
Year-over-year Americas net sales increased...Read more
Revenue - Geography
Year-over-year Rest of Asia Pacific...Read more
Other - Other
The full extent of the...Read more
Revenue - Product
The strength of the Japanese...Read more
Revenue - Product
Services net sales increased during...Read more
Revenue - Geography
Effective March 13, 2020, the...Read more
Revenue - Product
iPhone net sales decreased during...Read more
Financial - Shares
Under this program, shares may...Read more
Revenue - Product
Wearables, Home and Accessories net...Read more
Revenue - Product
The Company has historically experienced...Read more
Revenue - Geography
In addition, the Company has...Read more
Revenue - Product
The timing of product introductions...Read more
Other - Other
Deemed Repatriation Tax Payable As...Read more
Revenue - Product
Mac net sales decreased during...Read more
Revenue - Product
Apple Inc. | Q2 2020...Read more
Other - Other
Based on the composition of...Read more
Other - Other
As of March 28, 2020,...Read more
Other - Other
The weighted-average interest rate earned...Read more
Revenue - Geography
The weakness in foreign currencies...Read more
Revenue - Geography
The weakness in foreign currencies...Read more
Revenue - Geography
The weakness in foreign currencies...Read more
Revenue - Geography
The weakness in foreign currencies...Read more
Revenue - Geography
The weakness in foreign currencies...Read more
Revenue - Product
Japan net sales decreased during...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Apple Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: AAPL
CIK: 320193
Form Type: 10-Q Quarterly Report
Accession Number: 0000320193-20-000052
Submitted to the SEC: Thu Apr 30 2020 6:03:10 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Saturday, March 28, 2020
Industry: Electronic Computers