Apple Inc. (NASDAQ:AAPL) Q4 2020 Earnings Conference Call - Final Transcript

Oct 29, 2020 • 05:00 pm ET


Apple Inc. (NASDAQ:AAPL) Q4 2020 Earnings Conference Call - Final Transcript


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Tim Cook

quarter record in India, thanks in part to a very strong reception to this quarter's launch of our online store in the country. Greater China is the region that was most heavily impacted by the absence of the new iPhones during the September quarter, still we beat our internal expectations in the region, growing non-iPhone revenue strong double digits and iPhone customer demand grew mid-September.

When you pull back the lens to the entire fiscal year, it's a testament to the team's work and to the resilience of the business in the era of COVID-19. This year, we set an all-time revenue record of $274.5 billion, growing 6% year-on-year. We grew every quarter, set all-time yearly records in Mac, Wearables Home and Accessories, and Services, and grew by double-digits in every product category outside of iPhone.

When we first began to grapple with COVID-19, I said there are worse things for a company whose business is innovation, than having to periodically do just about everything in an entirely new way. This year, we not only launched our most powerful and compelling generation of hardware, software and Services ever, we did it in a way that pushes to reimagine every part of that innovation process, down to how we share these announcements with the world and how we get new products into our customers' hands. Working from kitchen tables and bedrooms, in distanced office settings and rework labs and manufacturing facilities, the team rebuilt every part of the plane while it was mid-air, and the results speak for themselves.

In a year that has been enormously challenging, our retail teams, contact centers, and all those who work with our customers most closely, have gone to creative and dedicated links to keep serving our customers. From adapting our stores for contactless pickup to new Apple Express storefronts, to new online customer support options. Amid store closings, reopenings and reimaginings, these teams have been in a failing source of energy, creativity and determination.

Innovation isn't just about what you make, it's about how you approach problems, and these teams and every team across Apple have not faced a single question this year that they haven't founded answer to with passion and resolve. Their actions didn't just meet the moment, they will make us a better company moving forward.

The pandemic has hit home for all of us, and at Apple we have seen it as a call to action. We have seen the pain in our communities. Many of us have seen our children work hard to adapt to remote learning, and we all know that the road ahead is uncertain. This quarter and throughout the year, our response to this crisis has been to ask, how can we help?

In terms of COVID-19 response, that has meant sourcing and donating millions of facemasks, designing and manufacturing millions of face shields, and scaling the production of millions of test kits. But we have tried to live our values more broadly. We've pledged $100