Apple Inc. (NASDAQ:AAPL) Q3 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 05:00 pm ET

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Apple Inc. (NASDAQ:AAPL) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day everyone. Welcome to the Apple Incorporated Third Quarter Fiscal Year 2020 Earnings Conference Call. Today's call is being recorded. At this time for opening remarks and introductions, I would like to turn things over to Mr. Tejas Gala, Senior Manager, Corporate Finance and Investor Relations. Please go ahead, sir.

Executive
Tejas Gala

Thank you. Good afternoon and thank you for joining us. Speaking first today is Apple's CEO, Tim Cook and he will be followed by CFO, Luca Maestri. After that, we'll open the call to questions from analysts.

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook, including the potential impact of COVID-19 on the Company's business and results of operations. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's most recently filed periodic reports, Form 10-K and Form 10-Q and the Form 8-K filed with the SEC today, along with the associated press release. Apple assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

I'd now like to turn the call over to Tim for introductory remarks.

Executive
Tim Cook

Thanks, Tejas. Good afternoon, everyone. Thanks for joining the call today. Before we begin, I joined the many millions across this country in mourning and memorializing Congressman John Lewis, who was laid to rest earlier today. We've lost a hero who walked among us, a leader in the truest sense who urged this country to aim higher and be better until the very end. I was humbled and fortunate to know him and as an Alabama native his example inspires me still. It now falls to every American to be a living memorial to John Lewis and to carry forward the work and the mission that defined his life.

Throughout the call I'll speak in greater detail about Apple's support for equity and justice, topics of great urgency on a number of fronts. But first I want to pull the lens back to consider the quarter in full.

In an uncertain environment Apple saw a quarter of historic results, demonstrating the important role our products play in our customers' lives. We set a June quarter record with revenue of $59.7 billion, up 11% from a year ago. Both products and services set June quarter records and grew double digits and revenue grew in each of our geographic segments, reflecting the broad base of this success. As always, and especially in times of real adversity, what makes us proud as a company is not merely what we did, but how we did it.

As millions march for justice in big cities and small towns alike, we committed $100 million to launch Apple's Racial Equity and Justice Initiative as well as new and renewed internal efforts to foster diversity and inclusion at all levels