Exhibit 99.1

Apple Reports Third Quarter Results

Revenue up 11 percent and EPS up 18 percent to new June quarter records

CUPERTINO, California — July 30, 2020 — Apple® today announced financial results for its fiscal 2020 third quarter ended June 27, 2020. The Company posted quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 percent. International sales accounted for 60 percent of the quarter’s revenue.

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

“Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s CFO. “The record business results drove our active installed base of devices to an all-time high in all of our geographic segments and all major product categories. We grew EPS by 18 percent and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.”

Apple’s Board of Directors has declared a cash dividend of $0.82 per share of the Company’s common stock. The dividend is payable on August 13, 2020 to shareholders of record as of the close of business on August 10, 2020.

The Board of Directors has also approved a four-for-one stock split to make the stock more accessible to a broader base of investors. Each Apple shareholder of record at the close of business on August 24, 2020 will receive three additional shares for every share held on the record date, and trading will begin on a split-adjusted basis on August 31, 2020.

Apple will provide live streaming of its Q3 2020 financial results conference call beginning at 2:00 p.m. PT on July 30, 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; the four-for-one stock split; and the commitment to be carbon neutral by 2030. 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, such as a potential finding that the Company has infringed on the intellectual property rights of others; 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.

Press Contact:
Kristin Huguet Quayle
(408) 974-2414

Investor Relations Contact:
Tejas Gala
(669) 227-2402

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple’s Media Helpline at (408) 974-2042.
© 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.
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months EndedNine Months Ended
June 27,
June 29,
June 27,
June 29,
Net sales:
   Products$46,529  $42,354  $170,598  $162,354  
   Services13,156  11,455  39,219  33,780  
Total net sales (1)
59,685  53,809  209,817  196,134  
Cost of sales:
   Products32,693  29,473  116,089  109,758  
   Services4,312  4,109  13,461  12,297  
Total cost of sales37,005  33,582  129,550  122,055  
Gross margin
22,680  20,227  80,267  74,079  
Operating expenses:
Research and development
4,758  4,257  13,774  12,107  
Selling, general and administrative
4,831  4,426  14,980  13,667  
Total operating expenses
9,589  8,683  28,754  25,774  
Operating income
13,091  11,544  51,513  48,305  
Other income/(expense), net
46  367  677  1,305  
Income before provision for income taxes
13,137  11,911  52,190  49,610  
Provision for income taxes
1,884  1,867  7,452  8,040  
Net income
$11,253  $10,044  $44,738  $41,570  
Earnings per share:
$2.61  $2.20  $10.25  $8.92  
$2.58  $2.18  $10.16  $8.86  
Shares used in computing earnings per share:
4,312,573  4,570,633  4,362,571  4,660,175  
4,354,788  4,601,380  4,404,695  4,691,759  
(1) Net sales by reportable segment:
$27,018  $25,056  $93,858  $87,592  
14,173  11,925  51,740  45,342  
Greater China
9,329  9,157  32,362  32,544  
4,966  4,082  16,395  16,524  
Rest of Asia Pacific
4,199  3,589  15,462  14,132  
Total net sales
$59,685  $53,809  $209,817  $196,134  
(1) Net sales by category:
$26,418  $25,986  $111,337  $109,019  
7,079  5,820  19,590  18,749  
6,582  5,023  16,927  16,624  
Wearables, Home and Accessories
6,450  5,525  22,744  17,962  
13,156  11,455  39,219  33,780  
Total net sales
$59,685  $53,809  $209,817  $196,134  

Apple Inc.
(In millions, except number of shares which are reflected in thousands and par value)

June 27,
September 28,
Current assets:
Cash and cash equivalents
$33,383  $48,844  
Marketable securities
59,642  51,713  
Accounts receivable, net
17,882  22,926  
3,978  4,106  
Vendor non-trade receivables
14,193  22,878  
Other current assets
10,987  12,352  
Total current assets
140,065  162,819  
Non-current assets:
Marketable securities
100,592  105,341  
Property, plant and equipment, net
35,687  37,378  
Other non-current assets
41,000  32,978  
Total non-current assets
177,279  175,697  
Total assets
$317,344  $338,516  
Current liabilities:
Accounts payable
$35,325  $46,236  
Other current liabilities
35,005  37,720  
Deferred revenue
6,313  5,522  
Commercial paper and repurchase agreements
11,166  5,980  
Term debt
7,509  10,260  
Total current liabilities
95,318  105,718  
Non-current liabilities:
Term debt
94,048  91,807  
Other non-current liabilities
55,696  50,503  
Total non-current liabilities
149,744  142,310  
Total liabilities
245,062  248,028  
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,283,939 and 4,443,236 shares issued and outstanding, respectively
48,696  45,174  
Retained earnings
24,136  45,898  
Accumulated other comprehensive income/(loss)
(550) (584) 
Total shareholders’ equity
72,282  90,488  
Total liabilities and shareholders’ equity
$317,344  $338,516  

Apple Inc.
(In millions)
Nine Months Ended
June 27,
June 29,
Cash, cash equivalents and restricted cash, beginning balances
$50,224  $25,913  
Operating activities:
Net income44,738  41,570  
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization8,354  9,368  
Share-based compensation expense5,105  4,569  
Deferred income tax expense/(benefit)182  (38) 
Other(94) (340) 
Changes in operating assets and liabilities:
Accounts receivable, net5,149  9,013  
Inventories10  496  
Vendor non-trade receivables8,685  13,483  
Other current and non-current assets(6,760) 693  
Accounts payable(10,787) (19,804) 
Deferred revenue1,649  (776) 
Other current and non-current liabilities3,867  (8,753) 
Cash generated by operating activities60,098  49,481  
Investing activities:
Purchases of marketable securities(96,606) (21,902) 
Proceeds from maturities of marketable securities54,865  26,783  
Proceeds from sales of marketable securities39,760  49,516  
Payments for acquisition of property, plant and equipment(5,525) (7,718) 
Payments made in connection with business acquisitions, net(1,473) (611) 
Purchases of non-marketable securities
(210) (632) 
Proceeds from non-marketable securities58  1,526  
Other(689) (268) 
Cash generated by/(used in) investing activities(9,820) 46,694  
Financing activities:
Proceeds from issuance of common stock430  391  
Payments for taxes related to net share settlement of equity awards(3,234) (2,626) 
Payments for dividends and dividend equivalents(10,570) (10,640) 
Repurchases of common stock(55,171) (49,453) 
Proceeds from issuance of term debt, net10,635  —  
Repayments of term debt(12,629) (5,500) 
Proceeds from/(Repayments of) commercial paper, net31  (2,026) 
Proceeds from repurchase agreements5,165  —  
Other(120) (83) 
Cash used in financing activities(65,463) (69,937) 
Increase/(Decrease) in cash, cash equivalents and restricted cash(15,185) 26,238  
Cash, cash equivalents and restricted cash, ending balances$35,039  $52,151  
Supplemental cash flow disclosure:
Cash paid for income taxes, net$8,410  $11,795  
Cash paid for interest$2,275  $2,563  

View differences made from one to another to evaluate Apple Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Apple Inc.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account